Retired soccer superstar, Ronaldinho Gaúcho, appeared at a congressional hearing in Brazil on August 31 to deny allegations that he was involved in a $61 million crypto pyramid scam named “18kRonaldinho”. This fraudulent scheme had purportedly offered investors a daily return of 2% on their crypto investments.
Images of Ronaldinho were prominently featured in the scheme’s promotional materials. However, the former athlete vehemently denied any affiliation with the company, asserting that they exploited his name and image without consent. He positioned himself as another victim of the alleged scam.
When questioned about compensating defrauded investors and the pending $61 million lawsuit, Ronaldinho chose to remain silent. This recent appearance came after he missed two prior scheduled hearings, attributing his absence to adverse weather conditions. Failure to attend this hearing might have resulted in either a significant fine or even an arrest warrant, compelling Ronaldinho to testify.
The congressional inquiry, initiated in June and overseen by Brazil’s Chamber of Deputies, seeks to probe alleged crypto pyramid operations. The Brazilian Securities and Exchange Commission suspects a total of 11 firms of duping investors with inflated crypto return promises.