Ronaldinho Denies Involvement in $61 Million Crypto Pyramid Scheme, Claims Victim Status
Summary:
Retired soccer star Ronaldinho denies involvement in a $61 million crypto pyramid scheme that used his name, during a congressional hearing in Brazil. He claims to be a victim of the scheme and asserts that his name and image were used without authorization. The inquiry investigates 11 companies accused of misleading investors with promises of high crypto returns.
Retired professional soccer legend Ronaldinho Gaúcho has given his testimony during a congressional hearing in Brazil, vehemently denying any involvement in a cryptocurrency pyramid scheme that bears his name and is alleged to have scammed $61 million from investors. On August 31, Ronaldinho appeared before a parliamentary committee inquiry and firmly refuted any connection to the scheme known as "18kRonaldinho," which promised daily returns of 2% on cryptocurrency investments. A lawsuit seeking $61 million in damages has been filed against the company. Ronaldinho asserted that he was never associated with the firm and that it had used his name and image without his authorization, claiming to be a victim of the fraudulent scheme as well. The hearing featured presentations of marketing materials from 18kRonaldinho, displaying images of Ronaldinho alongside the text: "Your money yielding up to 2% a day." During the proceedings, Ronaldinho explained that these pictures were taken under a contract he signed in July 2019 with a subsidiary of the company that sells watches, but the contract was later terminated in October of the same year and was never implemented. The president of the inquiry, Aureo Ribeiro, questioned Ronaldinho about his intentions to reimburse the investors who had put their money into the company, but Ronaldinho chose to remain silent. He also refrained from addressing the $61 million lawsuit. It should be noted that Ronaldinho had previously failed to appear before two previous hearings related to the inquiry, citing weather conditions as the reason for his absence. The most recent absence occurred on August 24. This August 31 hearing was Ronaldinho's final opportunity to present himself before Congress, as failing to do so could have resulted in fines or even his arrest, with authorities forcibly bringing him to the hearing. The congressional inquiry, initiated in June, aims to investigate various alleged cryptocurrency pyramid schemes and is being conducted by Brazil's Chamber of Deputies, the country's lower house. The Commission is examining a total of 11 companies that the Securities and Exchange Commission claims falsely promised high returns through the use of cryptocurrency.
Published At
9/1/2023 3:44:00 AM
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