Soccer star Cristiano Ronaldo is facing a class-action lawsuit for promoting non-fungible tokens (NFTs) on Binance. The plaintiffs, who are seeking damages exceeding $1 billion, claim that both Ronaldo and the crypto exchange have made “deceptive statements” about the “CR7” NFT collection launched in November 2022.
NFTs, a form of digital art stored on a blockchain, became highly popular during the 2021 cryptocurrency boom. However, their value has since plummeted, with approximately 95% now considered worthless according to data from NFT Scan and CoinMarketCap. The CR7 collection consists of images featuring Ronaldo in seven different poses. At launch, the cheapest CR7 NFTs cost $77, but their value has since dropped to a mere $1.
This lawsuit isn’t the first time a celebrity has faced legal challenges for promoting NFTs or cryptocurrencies. In December 2022, Justin Bieber, Serena Williams, Paris Hilton, and other prominent figures were sued for allegedly misleadingly promoting the Bored Ape Yacht Club digital art collection. Additionally, NFL legend Tom Brady and actor Larry David face a separate lawsuit for endorsing FTX, a failed crypto exchange.
Notably, the lawsuit against Ronaldo comes shortly after Changpeng Zhao, CEO of Binance and widely known as “CZ,” agreed to step down. The decision followed a $4.3 billion fine imposed on the crypto exchange by the U.S. Department of Justice for violating anti-money-laundering and sanctions rules, including allowing transactions funding terrorist groups like Hamas, Al-Qaeda, and Isis.
Neither Binance nor Ronaldo’s management company have responded to requests for comment as of yet.
