Global football icon Cristiano Ronaldo faces legal difficulties following a U.S. judge’s decision to continue a class action lawsuit concerning his promotion of ‘CR7′ NFTs through Binance. The lawsuit alleges that Ronaldo’s promotions led to significant financial losses for investors.
Details of the Lawsuit
Initiated in Florida, the lawsuit revolves around a partnership formed in November 2022 between Binance and Ronaldo, leading to the launch of a series of NFTs featuring the player’s “CR7” branding. These NFTs, advertised by Ronaldo on platforms like Instagram, supposedly misled fans into investing in what became high-risk financial ventures. As the lawsuit progresses, the plaintiffs are demanding over $1 billion in damages, claiming Ronaldo’s endorsements swayed their investment decisions unfavorably.
Court’s Decision on the Case
Despite attempts by Ronaldo’s legal team to dismiss the case, Judge Roy Altman recently ruled against this motion on May 4. The case is now set to continue, with a pause in proceedings as both parties await a decision on whether the matter will go to arbitration. This development adds a significant chapter to the ongoing debate over celebrity endorsements in the cryptocurrency space.
This case underscores the growing scrutiny over celebrity involvement in cryptocurrency promotions. As investors face the volatile nature of digital assets, the legal repercussions for endorsers like Ronaldo could potentially reshape how celebrities engage with such endorsements in the future.