Footballer Ronaldinho caught up in alleged crypto pyramid scheme

Legendary footballer in court to deny his involvement after name and imagery was used

Legendary Brazilian footballer Ronaldinho has been forced to deny his involvement in an alleged $61 million cryptocurrency pyramid scheme. 

The former Barcelona player – who retired from football back in 2015 – testified at a congressional hearing in his native Brazil after an alleged pyramid scheme bore his name.

At the hearing, Ronaldinho appeared before a parliamentary committee inquiry to deny he played any part in the scheme dubbed ‘18kRonaldinho’ despite his likeness being used.

The alleged scheme promised investors daily crypto returns of 2% before a lawsuit was filed against the firm with damages of more than $60m sought. 

Ronaldinho claims he was also a victim of the alleged scam as he had his name and image associated with the pyramid scheme without his knowledge. 

When the court was shown the images Ronaldinho explained that he once posed for photos for a subsidiary of the brand in July 2019 which sold watches before the deal was terminated. 

The SEC is investigating 11 companies alleged to have falsely promised higher returns.

When Ronaldinho was asked in court whether he was prepared to reimburse those caught up in the alleged pyramid scheme he remained silent. He had previously failed to attend court twice.

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Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.

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