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Portuguese soccer star Cristiano Ronaldo has been hit with a class-action lawsuit for his function in selling cryptocurrency-related non-fungible tokens (NFTs) issued by Binance. The lawsuit was filed within the Southern District of Florida federal courtroom on Monday.
The plaintiffs are looking for damages of at the least $1 billion, claiming that high-profile endorsements by celebrities like Ronaldo led them to put money into what they take into account unsafe investments. The case revolves round allegations of illegal deception, with the plaintiffs arguing that the endorsements enticed them into buying these digital property and not using a clear understanding of the dangers concerned.
The lawsuit comes at a time when the cryptocurrency market is beneath elevated scrutiny, with regulators and buyers calling for higher transparency and accountability from platforms and endorsers alike. Ronaldo’s involvement with Binance, one of many world’s main cryptocurrency exchanges, has introduced this difficulty to the forefront, highlighting the affect celebrities can have on funding selections.
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