Ronaldinho denies part in alleged $61M crypto scam at congressional hearing

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Retired professional soccer star Ronaldinho Gaúcho has testified at a congressional listening to in Brazil, denying his involvement in an alleged $61 million crypto pyramid scheme that bore his title.

On Aug. 31 Ronaldinho appeared earlier than a parliamentary committee inquiry the place he refuted any function within the scheme known as “18kRonaldinho” that promised 2% daily returns on crypto. A lawsuit was filed towards the agency, looking for $61 million in damages.

Ronaldinho claimed he was by no means partnered with the corporate and it used his title and picture with out his authorization, arguing he was additionally a sufferer of the purported scheme.

Throughout the listening to, pictures have been proven of 18kRonaldinho’s advertising and marketing that depicted Ronaldinho.

The inquiry confirmed a picture of Ronaldinho with the textual content “Your cash yielding as much as 2% a day” (translated). Supply: YouTube

He stated the photographs have been taken as a part of a contract he signed in July 2019 with a subsidiary of the corporate that sells watches however that contract was terminated later that yr in October and was by no means executed.

The inquiry’s president, Aureo Ribeiro,requested Ronaldinho if he supposed to reimburse those that invested within the firm, to which Ronaldinho stated he would stay silent.

He additionally didn’t reply when requested in regards to the $61 million lawsuit.

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Ronaldinho had failed to appear earlier than two earlier hearings associated to the inquiry, most just lately on Aug. 24. He stated climate circumstances meant he was not capable of attend.

The newest Aug. 31 listening to was his final likelihood to look earlier than Congress — if he didn’t, Ronaldinho confronted possible fines or arrest through which authorities would’ve forcibly taken him to look on the listening to.

The inquiry was launched in June to analyze purported crypto pyramid schemes and is being carried out by Brazil’s decrease home, the Chamber of Deputies.

It’s investigating a complete of 11 corporations alleged by the nation’s Securities and Alternate Fee to have falsely promised excessive returns utilizing crypto.

Journal: Tornado Cash 2.0 — The race to build safe and legal coin mixers