Football player Cristiano Ronaldo of Al Nassr is dealing with the aftermath of the US Bitcoin issue. Those who were impacted by the Binance platform are suing the Portuguese celebrity for over $1 billion in US courts.
They claim that his commercials encouraged people to invest in cryptocurrencies on the site, which resulted in significant losses.
Cristiano Ronaldo said that the first ‘CR7’ collection of non-fungible tokens (NFTs) from Binance will thank supporters “for all the years of support” and the announcement was made in November 2022.
According to the complaint, the former footballer for Manchester United also had “investment experience and substantial assets to obtain advisors,” thus he should have known that “Binance was selling crypto-valuables.”
According to the complaint, Ronaldo’s influence and reach—he has 850 million social media followers—were a major factor in Binance’s rising popularity.
There was a 500% spike in Binance searches the week after his first sale, according to their claims that his sales of NFT were “incredibly successful” in marketing the exchange.