Good day everyone,

I hope you are all well and having excellent day, welcome to CryptoGod-1’s blog on all things crypto. In this post I will be looking at how the Brazilian soccer legend Ronaldinho Gaucho has denied any involvement in a cryptocurrency scam bearing his name.

Ronaldinho Gaúcho

Ronaldo de Assis Moreira, more commonly known as Ronaldinho Gaúcho, or just Ronaldinho, is a Brazilian soccer legend who is one of the nations most famous icons. Born in March 1980, Ronaldinho is considered one of the greatest footballers of all time for his skill, ability, and how he always played with a smile on his face.

He was a huge part of the Brazil squad which won the 2002 FIFA World Cup in Kora/Japan, and also managed to win the Copá America and Confederations Cup with his nation. In terms of his club career, Ronaldinho shot to prominence with PSG before securing a move to Barcelona in 2003. He helped the club return to its former glories, winning the league and Champions League with the club. He was also a key figure in the early development of Lionel Messi, and is known to have always considered Messi to be better than him, even from a young age. In Brazil, the admirers and supporters of Ronaldinho call him "O Bruxo" (The Wizard), and in the 2005/06 season he was awarded with the prestigious Ballon D'or award. He also won the FIFA World Player of the Year titles in 2004 and 2005.

Below is a YouTube video showing highlights of some of Ronaldinho's finest moments.

Crypto Scam

Ronaldinho has recently denied accusation levied towards his involvement in a cryptocurrency pyramid scheme scam. The scheme has made use of his name, and is known as 18k Ronaldinho Comércio e Participações Ltda. The scheme has been implicated in the fraudulent activities, and according to Ronaldinho they made use of his name without his permission.

Ronaldinho appeared before a group of lawmakers at a congressional hearing where he explained there was no association between himself and the company. He explained:

"They used my name to create the company's name. It is not true I am the founder and controlling partner of 18K Ronaldinho."

Ronaldinho went on to reveal he had no involvement with this company, but back in 2016 he had signed a contract with a US company known as 18k Watch Corporation. The contract was for them to design a collection of watches featuring his image. It is unknown if these companies are connected.

The company is known to have lured in crypto investors by claiming if they invested a minimum of $30 worth of crypto then they would earn 2% or more per day on their stakes. The company also had a lawsuit filed against them in which damages of $61 million are sought, which was initiated by Brazil's Consumer Relations Institute in 2020. Ronaldinho claimed they used his name and image without his authorization, and that he was also a victim of the scheme. Images were shown of 18kRonaldinho’s marketing that depicted Ronaldinho, but he stated that those images were taken as part of a contract he signed in July 2019 with a subsidiary of the company that sells watches. he also went on to state that the contract was terminated in October of that year, and never executed.

Interestingly, 2020 was also the year that Ronaldinho and his brother faced a 171-day imprisonment in Paraguay for using fake passports to enter the country.

The president of the inquiry, Aureo Ribeiro, questioned Ronaldinho if he intends to reimburse those who invested in the company, but Ronaldinho remained silent on this matter. He also remained silent when asked about the $61 million lawsuit. Ronaldinho did however confirm that his brother is handling the legal side aspects of the case brought against the company for the misuse of Ronaldinho's name and image.

It was not the first time Ronaldinho was called before the inquiry, having previously missed two hearings on the matter. This latest hearing, on the 31st of August, was his final chance to make an appearance, and if he failed to appear before Congress then he faced possible fines or an arrest in which authorities would’ve forcibly taken him to appear at the hearing.

The inquiry was launched back in June to investigate the reported crypto pyramid scheme, and the inquiry is being carried out by Brazil's lower house, the Chamber of Deputies. Overall there are a total of 11 companies alleged by Brazil's Securities and Exchange Commission to have falsely promised high returns using crypto.

Have a great day.

Peace. CryptoGod-1.

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