Retired professional footballer Ronaldinho Gaúcho has denied involvement in an alleged $61 million cryptocurrency pyramid scheme named “18kRonaldinho” during a congressional hearing in Brazil.
Ronaldinho testified before a parliamentary inquiry committee on August 31, denying any association with the scheme that promised 2% daily returns on cryptocurrency investments. A lawsuit demanding $61 million in damages has been filed against the company.
Ronaldinho asserted that he never collaborated with the company and that his name and image were used without his consent, making him a victim of the alleged scheme as well.
During the hearing, marketing images from 18kRonaldinho featuring Ronaldinho were presented. He explained that the photos were part of a contract he signed in July 2019 with a subsidiary of the company selling watches. However, he clarified that the contract was terminated in October of the same year and was never implemented. When asked by the inquiry’s president, Aureo Ribeiro, if he planned to compensate the investors, Ronaldinho chose to remain silent.
He also refrained from commenting on the $61 million lawsuit. Ronaldinho had missed two previous hearings related to the inquiry, most recently on August 24, citing adverse weather conditions as the reason for his absence.
The August 31 hearing was his final opportunity to testify before Congress. Failure to appear could have resulted in fines or an arrest warrant, compelling him to attend the hearing.
The inquiry, initiated in June, aims to investigate alleged cryptocurrency pyramid schemes and is conducted by the Chamber of Deputies, Brazil’s lower house. The investigation encompasses a total of 11 companies accused by the country’s Securities and Exchange Commission of falsely guaranteeing high returns through cryptocurrency investments.
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