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Ronaldinho denies part in alleged $61M crypto scam at congressional hearing on September 1, 2023 at 3:44 am

The former pro soccer player said in a congressional hearing that his likeness was improperly used to market an allegedly fraudulent crypto scheme.

Retired pro soccer star Ronaldinho Gaúcho has testified at a congressional hearing in Brazil, denying his involvement in an alleged $61 million crypto pyramid scheme that bore his name.

On Aug. 31 Ronaldinho appeared before a parliamentary committee inquiry where he refuted any role in the scheme called „18kRonaldinho” that promised 2% daily returns on crypto. A lawsuit was filed against the firm seeking $61 million in damages.

Ronaldinho claimed he was never partnered with th company and it used his name and image without his authorization, arguing he was also a victim of the purported scheme.

During the hearing, images were shown of 18kRonaldinho’s marketing that depicted Ronaldinho.

The inquiry showed an image of Ronaldinho with the text “Your money yielding up to 2% a day” (translated). Source: YouTube

He said the pictures were taken as part of a contract he signed in July 2019 with a subsidiary of the company that sells watches but that contract was terminated later that year in October and was never executed.

The inquiry’s president Aureo Ribeiro asked Ronaldinho if he intended to reimburse those who invested in the company to which Ronaldinho said he would remain silent.

He also did not answer when asked about the $61 million lawsuit.

Related: Breaking victim ‘trust’ in scammer is key to beat crypto scams, exchanges say

Ronaldinho had failed to appear before two previous hearings related to the inquiry, most recently on Aug. 24 in which he blamed weather conditions for not being able to attend.

The latest Aug. 31 hearing was his last chance to appear before Congress — if he didn’t he faced possible fines or arrest in which authorities would’ve forcibly taken him to appear at the hearing.

The inquiry was launched in June to investigate purported crypto pyramid schemes and is being carried out by Brazil’s lower house, the Chamber of Deputies.

It’s investigating a total of 11 companies alleged by the country’s Securities and Exchange Commission to have falsely promised high returns using crypto.

Magazine: Tornado Cash 2.0 — The race to build safe and legal coin mixers

 Ronaldinho, congress, hearing, brazil, sec, pyramid scheme, 18kRonaldinho, crypto scheme, inquiry,  

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