Portuguese soccer star Cristiano Ronaldo is facing a $1 billion class-action lawsuit relating to his promotion of non-fungible tokens (NFTs) issued by Binance, which is the world's largest cryptocurrency exchange, per the Associated Press (h/t ESPN).
The lawsuit, which was filed in the Southern District of Florida on Monday, accuses Ronaldo of being "deceptive and unlawful" in his promotion of Binance. The plaintiffs claim that the company's partnership with public figures like Ronaldo "led them into costly and unsafe investments," according to the AP.
"Evidence now reveals that Binance's fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful and recognized organizations and celebrities across the globe—just like Defendant Ronaldo," the lawsuit reads.