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Ronaldinho Testify in $61M Crypto Pyramid Scheme

Ronaldinho Gaucho, a retired professional soccer player, denied involvement in a $61 million crypto pyramid scheme during testimony before a Brazilian congressional committee. Ronaldinho Gaucho Crypto Scheme

On August 31, Ronaldinho testified before a parliamentary committee inquiry, denying any involvement in the “18kRonaldinho” scheme, which promised 2% daily profits on crypto. The company was the target of a lawsuit seeking $61 million in damages.

Ronaldinho asserted that he was also a victim of the alleged fraud because he was never associated with the company and that it utilized his name and picture without his consent.

He claimed that the photographs were shot in accordance with a contract he signed in July 2019 with a subsidiary of the company that sells watches; however, the contract was canceled in October of the same year and was never carried out.

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Ronaldinho refused to answer the inquiry’s president, Aureo Ribeiro’s question about whether he meant to compensate people who had invested in the company. When questioned about the $61 million lawsuit, he likewise remained silent.

The Chamber of Deputies, Brazil’s lower house, initiated the investigation in June to look into alleged cryptocurrency pyramid schemes.

The Securities and Exchange Commission of the nation has accused a total of 11 companies of making fraudulent promises about large returns utilizing cryptocurrencies.

Most recently on August 24, Ronaldinho had missed two earlier hearings pertaining to the investigation. He said that bad weather prevented him from going.

Ronaldinho had one more chance to come before Congress on August 31; if he missed it, he risked fines or jail, in which case police would have hauled him to the hearing against his will. Ronaldinho Gaucho Crypto Scheme

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