Cristiano Ronaldo may be experiencing one of his best years on the pitch. However, off the pitch, Ronaldo finds himself entangled in a lawsuit that could potentially cost him a staggering $1 billion. The lawsuit relates to his endorsement of a cryptocurrency firm namely Binance. To keep away from a public trial, the soccer veteran might have to settle the case for $750,000.

Recently, Binance’s appeal has suffered significant damage. First of all, Changpeng Zhao, their CEO, was forced to step down following his guilty plea to charges of money laundering. Now, the soccer icon Ronaldo has also gotten himself embroiled in this messy affair because of his involvement in promoting the crypto organization.

Cristiano Ronaldo could do what Floyd Mayweather managed!

Following a multi-year partnership with Binance Ronaldo launched his line of non-fungible tokens (NFTs). However, the price of these tokens has drastically declined in recent times. And now the 38-year-old has been dealt with a huge $1 billion lawsuit in America for the NFTs advertising. However, it’s worth noting that Cristiano Ronaldo isn’t the first public figure to have landed himself in this sort of predicament.

Jemma Fleetwood, a virtual asset professional lawyer, shared her insights on how Cristiano Ronaldo can probably settle the case once and for all through his legal advisors. Fleetwood mentioned that different public figures like Shaquille O’Neal, Floyd Mayweather, and DJ Khaled have formerly landed themselves in comparable situations.

Fleetwood claimed, “Mayweather and Khaled previously settled those claims for around $750,000. Ronaldo may similarly attempt to settle the claims brought against him to avoid a public trial.”Given Ronaldo’s immense net worth of around $500 million, this looks like the most likely direction the Al Nassr striker will be looking to take.

Also, it seems as if supporting and promoting NFTs and crypto is bringing a huge risk for soccer players. Another example of such a case is Barcelona legend, Andres Iniesta who also had to face a similar problem for promoting Binance.

Andres Iniesta also got into trouble after promoting Binance

In a similar fashion to Cristiano Ronaldo’s present-day lawsuit problems, Barcelona legend Andres Iniesta also had to face backlash for endorsing Binance in 2021. The famous Spanish midfielder participated in a marketing campaign advertising and marketing the cryptocurrency firm on his X (previously called Twitter) account.

Dive Deeper: Cristiano Ronaldo Admitted More NFT Investments Before $1 Billion Lawsuit for Promoting Binance in USA

Unfortunately, this drew the attention of Spain’s financial regulators, who expressed dissatisfaction with Iniesta’s lack of caution and failure to warn his millions of fans about the risks of investing in cryptocurrency. One particular concern was the absence of #ad in his tweet. Despite garnering attention initially, this case did not escalate to the same magnitude as Cristiano Ronaldo’s situation and ultimately fizzled out after a few weeks.

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