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Cristiano Ronaldo faces $1bn lawsuit over crypto advert

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Cristiano Ronaldo

Cristiano Ronaldo faces $1bn lawsuit over crypto advert

Cristiano Ronaldo is facing a class action lawsuit in the United States for his support of Binance, the world’s largest cryptocurrency exchange.

The plaintiffs contend that his support influenced them to make risky investments.

They are seeking damages of “a sum exceeding” $1bn (£790m).

The BBC has contacted both Ronaldo’s management company and Binance for comment.

In November 2022, Binance announced its first “CR7” collection of non-fungible tokens (NFTs) in partnership with Ronaldo, which the footballer said would reward fans “for all the years of support”.

NFTs are virtual assets that can be bought and sold, but which have no real-world form of their own – in other words they only exist digitally. Generally, they are used to mark ownership of something, such as a picture or video online.

“CR7” refers to Ronaldo’s initials and shirt number, and is used as branding in a range of products, from footwear to fragrances, that have helped make him one of the wealthiest athletes on earth.

In a social media video announcing the partnership, Ronaldo told would-be investors “we are going to change the NFT game and take football to the next level”.

The cheapest NFT from the collection was priced at $77 when it went on sale in November 2022 – but one year later, it was priced at about $1.

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The claimants allege that Ronaldo’s promotion of Binance led to a “500% increase in searches” for the crypto exchange, which is registered in the Cayman Islands.

They also say it led people to use the firm to invest in what they call “unregistered securities” – such as Binance’s BNB cryptocurrency.

According to the US Securities and Exchanges Commission (SEC), these assets can be considered securities – and so celebrities endorsing them must follow US law.

SEC chair Gary Gensler previously said celebrities must “disclose to the public from whom and how much you are getting paid to promote investment in securities”.

“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,” he said.

The claimants allege Ronaldo should have disclosed how much he was being paid, but did not.

Nigel Green, boss of consultancy firm DeVere Group, said the problems at the heart of the case went wider than just one footballer.

“It is crucial to recognise that blaming Ronaldo alone oversimplifies a complex issue,” he said.

“Instead, attention should also be directed towards global regulators who have been slow to establish clear guidelines for this evolving financial landscape.”

Ronaldo and Binance appear to have plans to work together again in the future, with a recent social media post from the footballer saying they are “cooking something up”.

Neither have responded to requests for comment.

Cristiano Ronaldo faces $1bn lawsuit over crypto advert

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Gabriel Jesus shines as Arsenal thrash Palace 5-1 in London derby

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Gabriel Jesus shines as Arsenal thrash Palace 5-1 in London derby

Gabriel Jesus struck twice as Arsenal became the first side since Chelsea in 2005 to go a full calendar year unbeaten in Premier League  London derbies, defeating Crystal Palace 5-1 to close the gap on league leaders Liverpool to three points for the time being.

A hat-trick against Palace in a 3-2 EFL Cup victory on Wednesday earned Jesus a starting berth here, and it took just six minutes for him to reward Mikel Arteta’s selection.

A first Premier League goal since January arrived when Bukayo Saka’s cross bounced off Gabriel Magalhães, allowing Jesus to stride towards the ball and side-foot home. A nervy moment for David Raya went unpunished moments later, but just five minutes after going ahead, the Gunners were pegged back as the red-hot Ismaïla Sarr bent an effort around William Saliba and inside the far post.

A breathless start to the contest continued with a third goal in the opening 15 minutes, and perhaps predictably, it came from an Arsenal corner. This time, Gabriel Martinelli’s delivery was partially cleared, but only as far as Jesus, whose controlled finish flew into the corner.

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Another defensive lapse from the visitors almost saw the scores levelled once more, only for Raya to bail out Saliba with a one-on-one stop to deny Jean-Philippe Mateta. At the other end, Gabriel went close from yet another Arsenal corner before the away side extended their advantage through Kai Havertz, who reacted first after Jesus had nodded onto the far post.

Needing a response, the hosts were inches from reducing the deficit straight after the restart when Raya was equal to Sarr’s diving header. The Arsenal shot-stopper was then called into action again, getting behind Mateta’s rifled long-range shot and catching Sarr’s follow-up header.

Those saves kept the Eagles at bay, and with an hour played, the points were all but wrapped up. A well-worked move should have ended with Jesus’ second hat-trick of the week, yet Henderson saved well with his foot only to see Martinelli turn in substitute Declan Rice’s resultant low strike.

Determined to get on the scoresheet, Rice guided in Arsenal’s fifth goal late on, sealing three vital points in an evening where the only major blemish was Saka’s first-half injury.

Despite conceding in a seventh consecutive away league match – their longest travelling run without a PL clean sheet in over five years – Arsenal now find themselves within touching distance of the league summit, albeit having played more games than the sides above them.

Meanwhile, Palace had lost just one of their last eight PL fixtures (W3, D4), but defeat here means they’re yet to add to their solitary home league victory (D4, L4), leaving the Eagles 15th in the table.

 

Gabriel Jesus shines as Arsenal thrash Palace 5-1 in London derby

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Atletico grab late winner at Barcelona to go top of La Liga

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Atletico grab late winner at Barcelona to go top of La Liga

Substitute Alexander Sorloth scored an injury-time winner as Atletico Madrid fought back against Barcelona to replace them at the top of La Liga.

Pedri opened the scoring for Barcelona in the 30th minute, linking up with fellow Spain midfielder Gavi before slotting a low strike past Jan Oblak.

Despite their dominance, the hosts couldn’t hold on and Rodrigo De Paul hammered home the equaliser on the hour mark after leaping on a mistake from Marc Casado.

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Barcelona were left to rue more missed chances when Sorloth slammed in Nahuel Molina’s cross in the sixth minute of injury time to give Atletico their 12th straight win in all competitions.

The victory means Atletico will end 2024 as the top team in Spain, three points above Barcelona, who have played a game more.

Hansi Flick’s Barca side could slip to third if Real Madrid beat Sevilla on Sunday.

 

Atletico grab late winner at Barcelona to go top of La Liga

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Oleksandr Usyk beats Tyson Fury to retain heavyweight titles

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Oleksandr Usyk beats Tyson Fury to retain heavyweight titles

Oleksandr Usyk defeated Tyson Fury to retain his unified heavyweight world titles and prove his status as a generational great with another close points win in their rematch in Saudi Arabia.

Having inflicted a first career defeat on Briton Fury by split decision in May, Usyk’s astuteness and will to win once again prevailed at Riyadh’s Kingdom Arena – and he retained his WBA (Super), WBC and WBO titles.

Fury, 36, found success in the first half of the fight. Some of the more eye-catching shots came from the Morecambe fighter, but the volume of punches and cleaner work were from Ukrainian Usyk.

All three judges scored it 116-112 to the 37-year-old champion.

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Usyk, an Olympic gold medallist and former undisputed cruiserweight champion, extended his undefeated record to 23 pro wins.

“He [Tyson Fury] is a great fighter, he is a great opponent. An unbelievable 24 rounds for my career. Thank you so much,” Usyk said.

Two-time world champion Fury has only ever lost to Usyk, his two defeats the major blemishes on a record also consisting of 34 wins and one draw.

Fury left the ring without conducting an interview, before IBF world champion Daniel Dubois climbed in and called for a rematch with Usyk.

A visibly frustrated figure in the moments after the scorecards were read out, Fury said backstage he was convinced he won the fight by “at least three rounds”.

 

Oleksandr Usyk beats Tyson Fury to retain heavyweight titles

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