Recently, a class-action lawsuit was filed against soccer superstar Cristiano Ronaldo for his involvement in a cryptocurrency promotion with Binance. The lawsuit alleges that Ronaldo was paid millions of dollars to promote Binance’s Initial Exchange Offering (IEO) of the Long Blockchain Corporation (LBCC) token. The lawsuit claims that Ronaldo failed to disclose his financial relationship with Binance and that the promotion was misleading and deceptive.

The lawsuit was filed in the United States District Court for the Southern District of New York by a group of investors who purchased LBCC tokens during the IEO. The investors allege that Ronaldo was paid $2.5 million to promote the IEO and failed to disclose this information. The lawsuit claims that Ronaldo’s promotion of the IEO was misleading and deceptive because he did not disclose his financial relationship with Binance.

The lawsuit also alleges that the IEO was a “pump and dump” scheme, which is a type of stock manipulation where a company artificially inflates the price of its stock by making false or misleading statements about it. The lawsuit claims that Binance and Ronaldo engaged in this type of stock manipulation by promoting the IEO without disclosing their financial relationship.

The lawsuit seeks damages for the investors who purchased LBCC tokens during the IEO. It also seeks an injunction to prevent Ronaldo from engaging in similar activities in the future.

This case is an important reminder of the importance of full disclosure when it comes to cryptocurrency promotions. Investors should always be aware of any potential conflicts of interest and should do their own research before investing in any cryptocurrency. Additionally, celebrities should be aware of their obligations to disclose any financial relationships they have with cryptocurrency companies before promoting them.