Bittime -Football superstar Cristiano Ronaldo has found himself embroiled in a billion-dollar lawsuit regarding his promotion ofnon-fungible tokens (NFTs).
On Saturday (04 May 2024), Ronaldo's attempt to reject the lawsuit was rejected by a judge. The lawsuit relates to his promotion of NFTs on the Binance platform.
Cristiano Ronaldo Sued for $1 Billion
According to a report from Newsweek, Judge Roy Altman denied the motion filed by Ronaldo, stating, "We deny without prejudice the defendant's motion to dismiss."
One of the world's most famous football stars, Ronaldo, has to face a $1 billion lawsuit filed by investors. The lawsuit was filed in November 2023, one year after Ronaldo launched an NFT collection called "CR7" in collaboration with Binance.
The name of the collection takes Ronaldo's initials and uniform number, which the athlete often uses to introduce his products.
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Cristiano Ronaldo NFT Promotion and "CR7" Collection
Source: https://twitter.com/binance/
The NFT collection features his own digital collectibles and historical moments from his sports career. According to the Binance website , the collection represents "unmatched innovation, artistry and fan excitement."
The plaintiffs claim that Ronaldo's promotion of the NFT was "misleading and unlawful," resulting in investors making risky and expensive investment decisions.
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The decline in trading activity and prices of Ethereum-based NFTs since early 2022 is also a highlight in this case. Regarding his promotion for Binance, Ronaldo is active in various promotional activities, including posts on his Instagram account.
One of his posts in January showed him playing a pool table with other athletes also sponsored by Binance.
"Next level fan experience with @binance," he wrote in the caption. "Thanks to my ForeverCR7 NFT collection, I can meet and practice with the owners of my rare NFTs."
Promotion of Cristiano Ronaldo and a Series of Artists for Binance
In a lawsuit filed in November last year, the plaintiffs alleged that Binance achieved its extraordinary success thanks to the sale of unregistered securities.
This is allegedly supported by promotions from a number of celebrities, including Ronaldo. Currently, Binance is facing legal proceedings in the United States regarding the question of whether NFTs and tokens on its platform can be considered investment contracts under United States securities laws .
The plaintiffs also pointed out that Ronaldo's promotional efforts increased Google searches for the keyword "Binance" by 500% following the announcement of his partnership with the exchange. The premium NFTs it promoted also sold out within a week of launch.
The judge's decision to reject Ronaldo's motion to reject adds complexity to this case. However, the final settlement still has to wait until further legal proceedings.
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