Brazilian football legend Ronaldo de Assis Moreira, commonly known as Ronaldinho, appeared before a legislative commission to refute allegations of his involvement in a cryptocurrency scam named “18k Ronaldinho.” 

The scheme had promised investors returns of up to 400% in less than a year. Ronaldinho asserted that he had not authorized the use of his name or likeness for the venture, claiming himself to be a victim of unauthorized use of his image.

The backstory: Contracts and missed sessions

According to a local media report, the World Cup-winning footballer clarified that he had initially signed a contract in 2019 with a watch company named “18K Watches.” The photos taken for this promotional campaign were later used without his permission in the cryptocurrency venture. Ronaldinho also revealed that he terminated his contract with the watch company the same year. The footballer had previously missed two scheduled investigative sessions, for which he claimed he was not responsible. During one of the absences, the Porto Alegre airport was closed due to a storm, preventing his flight to the federal capital.

The legislative commission’s investigation into the alleged Ponzi scheme comes amid growing concerns about the misuse of celebrity names and likenesses in fraudulent financial schemes. In recent years, the cryptocurrency space has seen a surge in scams that leverage the fame of well-known individuals to lure unsuspecting investors. These schemes often promise high returns and use deceptive marketing tactics to gain credibility.

Ronaldinho’s denial of involvement in the “18k Ronaldinho” scheme adds another layer to the complex landscape of financial ventures that often use celebrity names. While the footballer claimed to be a victim, the legislative commission will continue its investigation to ascertain the veracity of these claims.

As the legislative commission proceeds with its inquiry, the focus will likely shift to the mechanisms that allowed the unauthorized use of Ronaldinho’s name and likeness. This could lead to stricter regulations around celebrity endorsements in financial ventures, especially those involving cryptocurrencies.