![]() The suit argued that the celebrities’ status made them culpable for promoting FTX’s failed business model. Last year, for example, a host of Hollywood and sports stars - including Larry David and Tom Brady - were named as defendants in a class-action suit against FTX, which was the second-largest crypto exchange before it collapsed in November 2022. This week’s lawsuit against Ronaldo isn’t the first time that a celebrity has faced litigation over crypto promotions. The crypto exchange agreed last week to pay a roughly $4 billion settlement and its founder Changpeng Zhao stepped down as CEO and pleaded guilty to a felony related to his failure to prevent money laundering on the platform. securities laws in a lawsuit from regulators. Over the summer, Binance was accused of operating as an unregistered securities exchange and violating a slew of U.S. The collection’s premium-level NFTs sold out within the first week, the suit claims. ![]() Monday’s suit says that the promotional efforts of Ronaldo’s Binance partnership were “incredibly successful” - alleging a 500% increase in online searches using the keyword “Binance” after the soccer star’s NFTs was announced. ![]() The NFTs - which had starting prices ranging from the equivalent of about $77 to $10,000 - featured seven animated statues depicting Ronaldo from iconic moments in his life, from bicycle-kick goals to his childhood in Portugal. Ronaldo launched his inaugural NFT “CR7” collection with Binance in November of last year, ahead of the 2022 World Cup. Binance, the world’s largest cryptocurrency exchange, did not immediately return requests for statement from The Associated Press. Representatives for Ronaldo declined to comment Thursday. “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 suit reads.
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