Cristiano Ronaldo has advertised for big companies in his soccer career. This has made him a popular sports athlete on the pitch and also off the pitch. However, it looks like he has suffered a setback off the pitch. The Al Nassr has been hit with a $1 Billion lawsuit in the USA for promoting a crypto firm.
The Portuguese star will believe in his legal team to sort out the issues. This lawsuit news comes ahead of the important match against Al Hilal which is potentially the title decider.
It is bad news for Al Nassr star Cristiano Ronaldo. According to Info Money, the accusing side has sued Cristiano Ronaldo for $1 Billion for promoting the Binance crypto firm. The lawsuit has said, “Mr. Ronaldo’s promotions solicited or helped Binance solicit investments in unregistered securities, encouraging his millions of followers, fans, and supporters to invest with the Binance platform,”. This is a big setback for both Cristiano Ronaldo and Binance.
It is because the Crypto firm has a great relationship with the 38-year-old. They made him the ambassador of the brand in 2022. Both also teamed up for many partnerships together after announcing the deal. Since then Cristiano Ronaldo has regularly featured in advertisements for the firm. The hearing of the lawsuit will be held in the United States District Court for the Southern District of Florida.
The Al Nassr star has not yet made any statement regarding this matter. Binance has also not made any statement. This is not the first team a Sports athlete has faced problems because of Crypto firms.
Tom Brady and others also lost huge money because of Crypto firm
Sports athletes like Tom Brady, Naomi Osaka, Stephen Curry, and Shaquille O’Neal were also involved in a controversy with a crypto company called FTX. They also became the brand ambassadors of the company. Hence, they also advertised for the company. This attracted a huge number of their fans to also invest in the crypto firm. However, after suffering constant losses, the company filed for bankruptcy on 11th November 2022. The co-founder Sam-Bank Friedman also was arrested for misusing the funds and other charges.
However, the sports athletes who had investments and other connections with them also suffered. Many of the investors sued Tom Brady, Naomi Osaka, Stephen Curry, and Shaquille O’Neal for $11 billion for promoting the cryptocurrency. Tom Brady himself lost a mega amount of $20 million as he was also an investor. Stephen Curry and Naomi Osaka also lost millions.
Content by: ANUJ NIKHIL VIRJIANI
