Cristiano Ronaldo is embroiled in a legal battle that is considered to be devastating. Specifically, the Portuguese star is facing accusations of promoting Binance, the world’s largest cryptocurrency exchange that allegedly caused investors to make costly and unsuitable investments. safe. Ronaldo is accused of abetting Binance by participating in taking photos and videos of many promotions on social networks, including the launch of non-fungible tokens (NFTs) called “CR7”.

It is important to know that a token is understood as an electronic signature or digital signature created from the blockchain technology platform. NFTs are unique digital assets that represent ownership of specific items, such as rare works of art. NFTs are stored on the blockchain, which means they cannot be easily edited, copied or duplicated. So, they can act as a publicly verifiable proof of ownership on a decentralized database. NFTs are said to offer creators new monetization opportunities, foster innovation, and support the growth of creative industries.

The plaintiffs allege that Ronaldo’s presence at Binance misled investors into believing that their investments were safe and profitable. Therefore, they suffered significant financial losses due to following what Ronaldo informed them to invest in cryptocurrency exchanges. Some people even believe that Ronaldo participated in fraud with Binance, and left alone the risks associated with investing in cryptocurrency. Mentally calculating the amount of money that the plaintiffs claim currently exceeds 1 billion USD.

Despite Ronaldo’s efforts to dismiss the lawsuit, judge Roy Altman at the Florida court (USA) rejected Ronaldo’s petition. This legal blow has pushed Ronaldo one step backward in a legal battle that is considered to be brutal. The fortune that Ronaldo has accumulated is about 600 million USD.

If he loses the lawsuit, the risk of “going bankrupt” could completely happen to the striker currently playing for Al Nassr Club in the Saudi Arabia National Championship (Saudi Pro League). Faced with legal obstacles, Ronaldo has not yet publicly commented on the ongoing litigation.