Cristiano Ronaldo sued for over $1 billion for promoting NFTs in "deceptive and unlawful" manner

Portuguese soccer player Cristiano Ronaldo was sued for "deceptive and unlawful" promotion of NFTs (non-fungible tokens) issued by crypto asset exchange platform Binance, according to the AP. The class action lawsuit filed in federal court in the Southern District of Florida seeks at least $1 billion from Ronaldo.

Binance announced in November 2022 a collection of NFTs depicting images of iconic moments in the athlete's career. According to the plaintiffs, Ronaldo's high profile led them to make unsafe and costly investments in the company's platform.

In the text of the lawsuit, collected by the AP, it can be read that: "Evidence now reveals that Binance’s fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful and recognized organizations and celebrities across the globe—just like Defendant Ronaldo."

The plaintiffs also argue that the NFTs, which plummeted in value within a year, should have been registered in the United States. This was not the case and, according to them, Ronaldo was aware. In addition, the highest-paid athlete of 2023 should have disclosed how much he earned from the Binance deal.