May 23, 2024
Latest Cryptocurrency News

Ronaldinho Gaúcho Denies Involvement in $61 Million Crypto Pyramid Scheme

Renowned retired professional football player Ronaldinho Gaúcho vehemently denied any involvement in an alleged cryptocurrency pyramid scheme valued at $61 million during a recent congressional hearing held in Brazil.

On August 31st, during the court hearing, Ronaldinho firmly distanced himself from any association with the scheme called “18kRonaldinho,” which supposedly promised daily cryptocurrency investment returns of 2%.

The scheme’s alleged link to Ronaldinho had led to a lawsuit seeking $61 million in damages against the company. Ronaldinho firmly maintained that his name and image were used without his consent, and he categorically denied being a collaborator in the scheme. He portrayed himself as a victim of the purported fraudulent activity.

During the hearing, visual evidence was presented, displaying promotional materials from “18kRonaldinho” featuring Ronaldinho’s image and claims of earning 2% daily returns. This visual evidence was presented to underscore the unauthorized use of Ronaldinho’s likeness for the scheme’s promotional purposes.

Ronaldinho clarified that he had entered into a contractual agreement with a subsidiary of the company involved in watch sales but emphasized that he terminated this contract in October 2019. The initial contract, signed in July 2019, had never been implemented.

When questioned about the potential reimbursement for individuals who had invested in the scheme, Ronaldinho chose not to comment on the matter. Likewise, he did not respond to inquiries about the $61 million lawsuit filed against the scheme.

This congressional hearing marked Ronaldinho’s appearance after missing two previous hearings related to the same investigation. The hearing on August 31st represented his final opportunity to appear before Congress, with potential fines or even arrest looming as consequences for non-compliance.

The investigation is being conducted by Brazil’s Chamber of Deputies, the lower house of the country’s legislative body, and focuses on 11 companies alleged to have promised substantial cryptocurrency investment returns.

This case highlights the complex nature of cryptocurrency-related scams and their potential repercussions for high-profile individuals. The hearing’s proceedings underscore the importance of robust oversight and regulation in the cryptocurrency industry, especially concerning investment schemes that exploit the names and trust of public figures for financial gain.

Image by master1305 on Freepik

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