Superstar Cristiano Ronaldo is being sued for $1 billion over advertising for Binance.

Recently, football superstar Cristiano Ronaldo was sued for $1 billion in damages for participating in advertisements for the cryptocurrency exchange Binance.

Specifically, Cristiano Ronaldo is facing a class-action lawsuit in the United States. The plaintiffs allege that the Portuguese football star collaborated with the cryptocurrency exchange Binance to "promote, support, and actively participate in the offering of unverified digital assets on Binance," causing significant losses to investors.

The plaintiffs in the lawsuit are demanding that Cristiano Ronaldo pay them up to $1 billion in compensation for the financial damages they have suffered.

Cristiano Ronaldo partners with Binance to launch an NFT collection in 2022.

It all started in November 2022, when Binance, the world's leading cryptocurrency exchange, announced the "CR7" Non-Fungible Token (NFT) collection, a collaboration between Binance and Cristiano Ronaldo.

NFTs are a type of virtual item authenticated by blockchain technology, bearing the digital signature of the owner, also known as the NFT chain. Although they have no tangible value, the NFT code is stored on the blockchain, is indestructible and cannot be copied, meaning it is unique.

As a result, NFT investors will have exclusive ownership of assets certified by the NFT blockchain, typically digital works such as paintings, photographs, music , videos, or virtual items in games, items in the metaverse, etc.

Superstar Cristiano Ronaldo has partnered with the Binance e-commerce platform to promote his branded NFT collection. Ronaldo told investors that "we will change the NFT game and take football to a new level."

Binance "showed off" a promotional video filmed with Ronaldo on November 28th, indicating that the two sides are still collaborating.

Initially, Cristiano Ronaldo's NFTs were priced at a minimum of $77 when they were launched in November 2022, but a year later, they were priced at less than $1.

The plaintiffs in the lawsuit allege that Cristiano Ronaldo used his fame to encourage them to invest in NFTs branded with the football star's name, as well as cryptocurrencies issued by Binance.

Neither Cristiano Ronaldo's representatives nor the Binance exchange have commented on the lawsuit. Not long ago, Binance revealed it was collaborating with Ronaldo to develop something, possibly some other type of cryptocurrency.

The Binance cryptocurrency exchange itself is also facing its own legal troubles. Recently, Binance founder Zhao Changbang (known by the nickname CZ) agreed to pay $4.3 billion in damages and stepped down as CEO of Binance after admitting to violating the US government's anti-money laundering laws.

Source: https://baoquocte.vn/sieu-sao-cristiano-ronaldo-bi-kien-doi-1-ty-usd-vi-quang-cao-cho-binance-252087.html