Ronaldo faces more than $1 billion in compensation for class action for promoting cryptocurrency exchanges.

Thanks to CTOnews.com netizen Jiayi for your clue delivery! CTOnews.com, December 3 (Xinhua)-- footballer Cristiano Ronaldo (Cristiano Ronaldo) has been sued for more than $1 billion in the United States for promoting the world's largest cryptocurrency exchange, Cristiano Ronaldo (Cristiano Ronaldo), according to the BBC. (CTOnews.com Note: currently about 7.14 billion yuan).

The lawsuit was filed in a Florida court on November 27, and the plaintiffs claimed they lost money on their investments as a result of Ronaldo's promotion.

In November 2022, Qian an announced a partnership with Cristiano Ronaldo to launch the first "CR7" series of heterogeneous tokens (NFT), thanks to fans for "years of support", "CR7" refers to Cristiano Ronaldo's initials and jersey number.

In the video of Guan Xuan's cooperation, Ronaldo told potential investors: "We will change the NFT game and take football to a new level." It is understood that Cristiano Ronaldo has accumulated 850 million followers on all social media.

The cheapest NFT in the "CR7" series costs $77 and can cost as much as $10,000, but it costs only $1 a year later (the cheapest version).

The claimant alleges that Cristiano Ronaldo's promotion of Yuan an led to a 500% increase in searches on the cryptocurrency exchange and led people to invest in so-called "unregistered securities", such as Yuan an's BNB cryptocurrency.

According to the Securities and Exchange Commission (SEC), these assets can be considered securities-so celebrities must abide by US law to endorse them.

Gary Gensler, chairman of SEC, had previously said celebrities must "disclose to the public the source and amount of their remuneration in order to promote securities investment".