Cristiano Ronaldo and Binance are facing a new NFT lawsuit. The CR7 NFT collection distributed by the cryptocurrency exchange has caused trouble for both names. According to the lawsuit, Ronaldo may have to pay up to 1 billion dollars in damages.
Ronaldo’s CR7 NFT collection ‘exploded’
Ronaldo and Binance made deceptive statements about the NFT collection, according to a new court filing in the US. The NFT holders suing the “CR7” collection are seeking damages of up to $1 billion from Binance and Ronaldo.
The collection of Ronaldo’s images was launched on Binance ahead of last year’s World Cup. However, NFTs of the collection, which started at $77, are selling for around $1. This actually represents the collapse of the NFT market.
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The US lawsuit says that both Ronaldo and Binance targeted consumers unfamiliar with the cryptocurrency world. Therefore, it alleges that they failed to adequately disclose the risks of NFTs and deceived users.
According to the plaintiffs, Binance knew that the value of NFTs would drop rapidly. However, it did not warn about this during the collection sale. A similar complaint has been filed against the famous soccer player.
On the other hand, Binance was recently fined $4.3 billion in the US for money laundering violations. In addition, the company’s founder and CEO Changpeng Zhao “CZ” was forced to resign. It is unclear whether Ronaldo or Binance will fight the new case.
