Soccer Icon Ronaldinho Grilled Over Alleged Crypto Scandal in Brazil

CryptoMode Ronaldinho 18kRonaldinho Crypto Scam

In recent developments, the world-renowned retired soccer champion Ronaldinho Gaúcho, testified in Brazil’s congressional hearing. He adamantly denied any association with an alleged crypto pyramid scam worth $61 million, which suspiciously carried his name.

The Intriguing Ronaldinho Appearance Before the Committee

On the last day of August, Ronaldinho boldly confronted the claims made against him during a comprehensive parliamentary committee investigation. This inquiry was delving deep into an elaborate scheme, termed “18kRonaldinho.”

Investors were lured with tempting offers promising a staggering 2% daily return on their crypto investments. Subsequently, a lawsuit emerged against this venture, demanding a massive $61 million in reparations.

Check out our weekly crypto and fintech newsletter here! Follow CryptoMode on Twitter, Youtube and TikTok for news updates!

While Ronaldinho’s image was heavily used in the branding, he vigorously contested these associations. He emphasized that he had no alliances with the company, pointing out the unauthorized use of his name and likeness. Furthermore, he framed himself not as the mastermind but as another casualty of this deceptive scam.

To further complicate matters, marketing visuals of 18kRonaldinho prominently featuring the soccer superstar were presented during the session. Ronaldinho justified this by revealing an earlier contract from July 2019. This agreement, he stated, was with a subsidiary focused on watch sales. However, it saw a premature termination in October the same year, remaining unfulfilled.

Aureo Ribeiro, the head of the inquiry, probed Ronaldinho about possible reimbursements to the deceived investors. In response, Ronaldinho chose to stay silent, similarly evading questions about the towering $61 million litigation.

Past No-shows and Potential Consequences

Before this hearing, Ronaldinho had missed two crucial sessions linked to this investigation, the latest being on August 24. His justification? Adverse weather impeding his attendance. It’s worth noting that the recent August 31st assembly was crucial. Any absence might have led to dire outcomes, from hefty penalties to an enforced appearance, possibly even arrest.

A meticulous inquiry was initiated in June to shed light on suspected crypto pyramid frauds. Spearheaded by Brazil’s esteemed Chamber of Deputies, its purpose is clear. It aims to investigate a total of 11 firms. These organizations, as flagged by the country’s Securities and Exchange Commission, have been accused of seducing investors with grandiose crypto returns.

None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website.