Ronaldinho denies involvement in alleged crypto pyramid scheme

Posted: September 1, 2023

• Ronaldinho has denied all involvement in the crypto scam.
• The scheme’s association with Ronaldinho prompted a lawsuit seeking $61 million in damages against the company.

Ronaldinho Gaúcho, the renowned retired professional football player, has strongly denied his involvement in an alleged crypto pyramid scheme worth $61 million during a recent congressional hearing held in Brazil.

A court hearing took place on 31 August, where Ronaldinho refuted any connection to the scheme named “18kRonaldinho,” which purportedly promised daily returns of 2% on cryptocurrency investments.

The scheme’s association with Ronaldinho prompted a lawsuit seeking $61 million in damages against the company.

Ronaldinho asserted firmly that his name and image were used without his authorization. He maintained that he was not a collaborator in the scheme. In fact, he regarded himself as a victim of the alleged fraudulent activity.

Retired football star strongly denies involvement

Throughout the hearing, visual evidence was presented, showcasing promotional materials of “18kRonaldinho,” which featured Ronaldinho’s image alongside claims of earning up to 2% daily returns. These images were displayed during the proceedings, emphasizing the alleged unauthorized usage of Ronaldinho’s likeness for the scheme’s marketing purposes.

Ronaldinho, however, explained that he had entered into a contractual agreement with a company subsidiary involved in watch sales. He emphasized that he terminated this contract in October 2019. This contract, originally signed in July 2019, never saw any implementation.

When questioned regarding potential reimbursement for individuals who invested in the scheme, Ronaldinho chose to remain silent on the matter. Similarly, he did not provide a response when asked about the $61 million lawsuit filed against the scheme.

This congressional hearing marked Ronaldinho’s appearance after having missed two prior hearings related to the same inquiry. The hearing on 31 August was the final opportunity for Ronaldinho to present himself before Congress. Failure to attend could have resulted in potential fines or even arrest.

Brazil’s Chamber of Deputies, the lower house of the country’s legislative body, is conducting the investigation, which began in June. The inquiry specifically targets 11 companies that have allegedly promised substantial returns through crypto investments.

This case sheds light on the intricate nature of crypto-related scams and their potential impact on high-profile individuals.

The hearing’s proceedings underscore the need for rigorous oversight and regulation in the cryptocurrency industry, particularly in the context of investment schemes that could exploit public figures’ names and trust for financial gain.