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 <p class="p2"><span class="s1">Football legend Ronaldinho strongly denied any connection to a $61 million cryptocurrency pyramid scheme during a </span><span class="s1"><span class="s2">congressional hearing</span> on August 31 in Brazil.</span></p> 
 <p class="p2"><span class="s1"> The scheme, which operated under the name “18kRonaldinho,” had promised daily returns of 2% on cryptocurrency investments and is currently facing a lawsuit aimed at recovering $61 million in damages.</span></p> 
 <p class="p2"><span class="s1">When the promised returns failed to materialize, a formal investigation was launched.&nbsp;</span><span class="s1">The Brazilian Congressional Committee called on Ronaldinho to answer questions and he said he had no connection to the cryptocurrency pyramid scheme bearing his name.</span></p> 
 <h2 class="p3" id="span-class-s1-b-ronaldinho-missed-two-previous-sessions-b-span"><span class="s1"><b>Ronaldinho Missed Two Previous Sessions</b></span></h2> 
 <p class="p2"><span class="s1">Ronaldinho’s appearance before the Congressional Committee came after he missed two previous sessions. </span><span class="s1">His brother and business representative, Roberto de Assis Moreira, appeared before the same committee the previous week to give his testimony</span><span class="s1">. In the second instance, he explained that he missed an Aug. 24 hearing due to the closure of the Porto Alegre airport amid severe weather conditions.</span></p> 
 <p><span class="s1">He said he <span class="s2">signed a contract</span> with US company 18k Watch Corporation in 2016 to market a line of watches.</span></p> 
 <p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__full_width__ekUdw body__small_body__2vQyf article-body__paragraph__2-BtD" data-testid="paragraph-2">“They misused my name to create this company’s corporate name,” he said.</p> 
 <p class="p2"><span class="s1">Ronaldinho said that all the images of him used by the scheme were from promotional photoshoots conducted for the watch company.&nbsp;</span></p> 
 <p class="p2"><span class="s1">The former soccer star emphasized that he never authorized the use of his image for the sale of cryptocurrencies. In his statement, he asserted, “It was never authorized for 18k Ronaldinho to use my name and my image or nickname in the corporate name of the company. I was a victim.”</span></p> 
 <figure id="attachment_435452" aria-describedby="caption-attachment-435452" style="width: 100%" class="wp-caption alignnone"> 
  <img decoding="async" class=" wp-image-435452" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20888%20527'%3E%3C/svg%3E" alt="Ronaldinho testifies before the Brazilian Congressional Committee" width="888" height="527" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/09/01/42bf1865d234e17ebe7c29702c5720c1.webp 300w, https://cdn.thebittimes.com/images/2023/09/01/42bf1865d234e17ebe7c29702c5720c1.webp 555w, https://cdn.thebittimes.com/images/2023/09/01/42bf1865d234e17ebe7c29702c5720c1.webp 709w" data-lazy-sizes="(max-width: 888px) 100vw, 888px" data-lazy-src="https://cdn.thebittimes.com/images/2023/09/01/42bf1865d234e17ebe7c29702c5720c1.webp"> 
  <noscript> 
   <img decoding="async" class=" wp-image-435452" src="https://cdn.thebittimes.com/images/2023/09/01/42bf1865d234e17ebe7c29702c5720c1.webp" alt="Ronaldinho testifies before the Brazilian Congressional Committee" width="888" height="527" srcset="https://cdn.thebittimes.com/images/2023/09/01/42bf1865d234e17ebe7c29702c5720c1.webp 300w, https://cdn.thebittimes.com/images/2023/09/01/42bf1865d234e17ebe7c29702c5720c1.webp 555w, https://cdn.thebittimes.com/images/2023/09/01/42bf1865d234e17ebe7c29702c5720c1.webp 709w" sizes="(max-width: 888px) 100vw, 888px"> 
  </noscript> 
  <figcaption id="caption-attachment-435452" class="wp-caption-text"> 
   <br>Ronaldinho testifies before the Brazilian Congressional Committee 
  </figcaption> 
 </figure> 
 <p class="p2"> </p> 
 <h2 class="p3" id="span-class-s1-a-broader-trend-span"><span class="s1">A Broader Trend</span></h2> 
 <p class="p2"><span class="s1">Many celebrities and influencers have been associated with questionable cryptocurrency schemes in recent times. These cases often involve the promotion of NFTs (non-fungible tokens) or cryptocurrencies that fail to deliver on their promises.</span></p> 
 <p class="p2"><span class="s1">In April last year, Time Magazine reported that “Save the Kids” initiative, which was endorsed by influencers from the popular FaZe e-sports clan as a way to both help underprivileged children and make money for investors, was a scam.&nbsp;</span></p> 
 <p class="p2"><span class="s1">And two influencers faced charges in connection with the CSGOLotto scam. In the case of Central Tech, influencers were used to deceive people out of millions, leading to investigations involving celebrities including DJ Khaled and Floyd Mayweather.</span></p> 
 <p class="p2"><span class="s1">More recently, Kim Kardashian and <span class="s2">Jake Paul have faced investigations</span> for their roles in promoting EthereumMax.</span></p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brazilian-football-legend-ronaldinho-denies-involvement-in-61m-crypto-pyramid-scheme-tbt61235.html">https://thebittimes.com/brazilian-football-legend-ronaldinho-denies-involvement-in-61m-crypto-pyramid-scheme-tbt61235.html</a></p>

Brazilian Football Legend Ronaldinho Denies Involvement in $61m Crypto Pyramid Scheme

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