August 28, 2023

Ronaldinho Could Face Jail over Crypto Fraud

Ronaldinho

Ronaldinho

A well-known Brazilian football player, Ronaldinho, is currently facing legal troubles related to his alleged involvement in a pyramid scheme related to cryptocurrency.

This scandal revolves around his company’s fraudulent actions, which have caused quite a stir. Ronaldinho is suspected of being involved in the scam because his company, ’18kRonaldinho’, was named in the investigation. The company offered investors false returns of over 2% per day, provided they invested a minimum of $30 in virtual currencies. This news is particularly distressing given Ronaldinho’s prior fame as a skilled football player.

Originally founded as a watch and jewelry trader, the company listed Ronaldinho as an “ambassador” in their glossary. However, the Brazilian Public Prosecutor’s Office alleges that the company shifted its focus to a financial pyramid scheme involving cryptocurrencies, which Ronaldinho is accused of participating in.

Customers began to notice irregularities and filed a civil action claiming $61.2 million in damages against 18kRonaldinho.

According to his lawyers, the former footballer was a “victim” of the company in question. They claim that the company used his name and image illegally, without his permission, in order to deceive potential clients.

Just over a year ago, the Brazilian athlete became involved in the world of cryptocurrency in a legal manner. In fact, he became an ambassador for Graph Blockchain’s subsidiary, New World Inc., in February of last year. This allowed him to introduce NFT experiences to his many fans.

Ronaldinho is well-known for his friendly demeanor and respectful attitude towards his competitors on the soccer field, which has earned him a substantial following. In fact, he has almost 75 million followers on Instagram. A few months later, he signed another deal with the decentralized exchange, P00LS, to launch his own token, RON.

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