Former professional soccer legend Ronaldinho Gaúcho has provided his testimony during a congressional hearing in Brazil, disavowing any involvement in a purported cryptocurrency pyramid scheme that bore his name and is claimed to have defrauded $61 million.
Appearing before a parliamentary committee inquiry on August 31, Ronaldinho staunchly rejected any connection to the scheme dubbed “18kRonaldinho,” which had promised daily crypto returns of 2%.
A legal suit was initiated against the company in pursuit of $61 million in restitution for damages.
Ronaldinho asserted that he had never entered into any partnership with the company and that it had exploited his name and likeness without obtaining his consent.
He argued that he, too, was a victim of the alleged fraudulent enterprise.
During the hearing, visual materials were presented showcasing the promotional materials of 18kRonaldinho, featuring images of Ronaldinho himself.
One such image displayed Ronaldinho alongside the phrase “Enjoy up to 2% daily returns on your money.” Ronaldinho clarified that these images had been captured as part of a contract he signed with a company subsidiary engaged in watch sales.
However, he emphasized that the contract was eventually nullified in October of the same year, having never been acted upon.
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In response to inquiries from Aureo Ribeiro, the president of the inquiry, Ronaldinho refrained from commenting on whether he intended to reimburse those who had invested in the company.
Likewise, he chose not to respond when questioned about the pending $61 million lawsuit.
Ronaldinho’s nonattendance at two prior hearings linked to the inquiry, most recently on August 24, was addressed during the proceedings.
He explained that unfavorable weather conditions had prevented his participation.
The hearing held on August 31 represented Ronaldinho’s final opportunity to appear before the congressional committee.
Failure to attend could have resulted in potential fines or even arrest, with authorities authorized to compel his presence at the hearing.
The inquiry was launched in June with the objective of examining allegations of crypto pyramid schemes.
Conducted by Brazil’s lower house, the Chamber of Deputies, the investigation focuses on 11 companies accused by the country’s Securities and Exchange Commission of making false promises of lucrative returns through cryptocurrency investments.
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