The cryptocurrency scam keeps getting deeper as more celebrities add to the controversies. Earlier, it was Brady and Gisele, but now it seems Cristiano Ronaldo is the newest athlete to be in trouble over a cryptocurrency case.
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Sam Bankman Fried, the founder of the cryptocurrency platform FTX, is currently facing criminal charges on account of misuse and fraud. Thus, several celebrities, including Tom Brady and Steph Curry, were all investigated for advertising the platform. In the newest report, Christiano Ronaldo will face charges for his association with the Binance platform.
Cristiano Ronaldo will be one of the celebrities to be a part of the crypto scandal
Ronaldo, one of the best football players in the world, is currently facing a $1 billion lawsuit over the advertisements he’s made for Binance. Binance announced the collection of CR7 NFTs in 2022, but after a year, their valuation dropped from $77 to a staggering $1.
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Cristiano Ronaldo Faces $1 Billion Class Action Lawsuit For Promoting Binancehttps://t.co/VaLQM360pf pic.twitter.com/YtJLYu2kqk
— Forbes (@Forbes) November 29, 2023
SEC chair Gary Gensler said, “When celebrities endorse investment opportunities, including crypto-asset securities, investors should be careful to research if the investments are right for them, and they should know why celebrities are making those endorsements.” But while Ronaldo struggles to keep his name out of all the legal worries, he will have Lewis Hamilton and his Mercedes team joining him in the cryptocurrency scams.
Lewis Hamilton and the Mercedes team face a fraud lawsuit
The Mercedes Formula 1 team has been accused of aiding the multibillion-dollar scam through their association with FTX. In a recent report, it was revealed that the team led by Lewis Hamilton was a major partner in the distribution of the FTX platform.
FTX investors suing the cryptocurrency exchange’s celebrity promoters for allegedly helping to facilitate an $11 billion fraud have some new targets, including MLB, Formula 1 racing and Mercedes-Benz Group AG’s racing team. https://t.co/5sW4ok8bTB
— Bloomberg (@business) November 27, 2023
After the FTX organization filed for bankruptcy after Bankman’s fraud, the Mercedes team removed the FTX logo from the racecars. The figure that was surrounding the partnership hasn’t yet been officially released, and the lawsuit accuses the racecar company of being a vital part of the scam. Several major business companies were also majorly impacted by the Bankman scandal and are currently being investigated by the authorities. Bankman currently faces a maximum sentence of 115 years in prison if he is acquitted on all charges. But with all these celebrities and companies going down with the ship, will they be directly charged with the allegations as well?
Will Lewis Hamilton also be held responsible for Mercedes’ frauds? Let us know in the comments below.
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Tripti Sarda