Brazilian soccer icon Ronaldo de Assis Moreira, better known as Ronaldinho, delivered a compelling defense during a congressional hearing on August 31 as he vehemently denied involvement in a $61 million cryptocurrency pyramid scheme that bore his name. According to a recent report, this crypto scheme, operating under “18kRonaldinho”, promised investors daily returns of 2% on their cryptocurrency investments. As the allegations grew, a lawsuit was filed against the firm to recover the staggering $61 million in damages.
Ronaldinho left no room for doubt, asserting that he had never partnered with the company and stressing that his name and image had been used without authorization. In a bold move, he positioned himself as a victim of the alleged scheme before the Congressional committee, vehemently asserting his innocence.
During the hearing, striking images from 18kRonaldinho’s marketing materials, featuring the football legend prominently, were presented as evidence. Ronaldinho, the former Paris Saint-Germain, F.C. Barcelona, and AC Milan star, clarified that these images stemmed from a marketing contract he had signed in July 2019 with a subsidiary of the company, known as “18K Watches”.
Ronaldinho clarified that the contract had been terminated in October of the same year and was never executed for any crypto-related ventures. However, he remained silent when Aureo Ribeiro, the inquiry’s president, inquired about Ronaldinho’s plans to reimburse investors. Likewise, the soccer legend did not respond to questions regarding the ongoing $61 million lawsuit.
It’s worth noting that Ronaldinho had missed two scheduled appearances before the congressional committee, with the most recent absence occurring on August 24. He attributed these absences to adverse weather conditions, which he claimed prevented him from attending. The August 31st hearing represented Ronaldinho’s last chance to provide testimony to Congress, with authorities warning of potential fines or arrests for non-compliance.
The congressional inquiry, initiated in June, is set to probe 11 companies accused by the Brazilian Securities and Exchange Commission (CVM) of falsely promising high returns through digital currencies. Ronaldinho’s involvement in the crypto scheme has sparked widespread controversy, and his testimony before the congressional committee could play a pivotal role in shaping the ongoing investigation.
The “18kRonaldinho” incident is a single instance within a rising pattern in which individuals and organizations leverage the cryptocurrency craze to deceive unwitting victims in Brazil. As both parties lay out their evidence and arguments, the result of this high-profile case would be under vigilant scrutiny in the approaching weeks.
