Cristiano Ronaldo Faces Heat in $1 Billion Lawsuit

Cristiano Ronaldo Faces Heat in $1 Billion Lawsuit

May 08 Tech Standard

Cristiano Ronaldo, the celebrated Portuguese soccer star, is facing a legal hurdle in a Florida lawsuit. The lawsuit, seeking over $1 billion in damages, accuses Ronaldo of promoting Binance, a major cryptocurrency exchange. Plaintiffs claim his endorsements misled them into risky investments.

Judge Roy Altman recently denied Ronaldo's attempt to dismiss the case. This means the lawsuit will proceed despite his efforts to shut it down. The judge also granted a request from the plaintiffs to temporarily halt the proceedings while they pursue arbitration, a process where a neutral party settles the dispute.

The lawsuit centers on Ronaldo's promotion of Binance, particularly an NFT collection named "CR7" launched in collaboration with the athlete in late 2022. Through social media posts and other activities, Ronaldo allegedly encouraged fans to invest in Binance, highlighting potential rewards and the appeal of NFTs. His endorsements reportedly extended to frequent promotion on his Instagram account.

While Ronaldo's representatives haven't commented on the lawsuit, the plaintiffs are seeking significant compensation for financial losses they claim resulted from his endorsements. With the judge's decisions, the lawsuit will move forward while arbitration is explored as a potential resolution.


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