- Football superstar Cristiano Ronaldo’s motion to dismiss a $1 billion class action lawsuit concerning his promotion of non-fungible tokens (NFTs) on Binance was denied on May 4.
- Judge Roy Altman issued the ruling, stating, “We deny without prejudice the Defendant’s 29 motion to dismiss.”
- The lawsuit was filed by investors in November 2023, alleging Ronaldo’s promotion of the NFTs was “deceptive and unlawful,” leading them to costly and unsafe investment decisions.
Cristiano Ronaldo faces a $1 billion lawsuit over his promotion of NFTs on Binance, as a judge denies his motion to dismiss the case. The lawsuit alleges that Ronaldo’s promotion of the NFTs was deceptive and led investors to make costly and unsafe decisions.
Ronaldo Stuck With $1 Billion Lawsuit
The lawsuit was filed in November 2023, a year after Ronaldo launched an NFT collection called “CR7” in collaboration with Binance. The collection features digital collectibles of Ronaldo and moments from his sports career. Prosecutors alleged that Ronaldo’s promotion of these NFTs was deceptive and unlawful, leading investors to make risky investment decisions. Since early 2022, Ethereum-based NFT mints and trading volume have dropped alongside floor prices.
Ronaldo’s Promotions For Binance
Ronaldo’s promotional activities included posts on his Instagram account, where he played foosball with another athlete sponsored by the exchange. In one post, he wrote, “Had an amazing time with @binance, creating the next level of fan experience.” Plaintiffs in the lawsuit argued that Ronaldo’s promotional efforts led to a 500% increase in Google searches for the keyword “Binance” and his premium NFTs sold out within one week of launch.
Conclusion
The denial of Ronaldo’s motion to dismiss the lawsuit signifies a significant development in the ongoing legal battle over celebrity-endorsed NFT promotions. The outcome of this case could set a precedent for future lawsuits involving celebrities and their promotion of digital assets. As the case continues, investors and celebrities alike will be watching closely to see how the court defines the legal boundaries of celebrity-endorsed NFT promotions.
