Former professional soccer legend Ronaldinho Gaucho has tested before Brazil's Congress, vehemently denying any involvement in a cryptocurrency pyramid scheme that bears his name and is accused of swindling $61 million from investors. Speaking at an August 31 hear ing, Ronaldinho distanced himself from the "18kRonaldinho" scheme, which promised unrealistically high daily returns of 2 percent on cryptocurrencies. The scheme's victims have filed a lawsuit seeking $61 million in damages.
Ronaldinho made it clear during the hearing that he had never collaborated with the company behind the scheme and accused them of using his name and image without his authorization. He further asserted that he was also a victim of the alleged fraudulent operation. scheme's marketing materials, featuring Ronaldinho, was displayed during the proceedings.
The retired soccer star explained that these images were part of a contract he had signed in July 2019 with a subsidiary of the company that primarily sold watches. However, he emphasized that this contract was terminated in October of the same year and was never executed. When asked by the chairman of the investigation, Oreo Ribeiro, whether he planned to reimburse those who had invested in the scheme, Ronaldinho chose to remain silent.
He also declined to comment on the $61 million lawsuit. Ronaldinho had previously failed to attend two other hearings related to the investigation, with his most recent absence on August 24 attributed to weather conditions. The August 31 hearing was the last opportunity for him to appear before Congress. Failure to do so could result in fines, arrest, or even the authorities forcibly bringing him to the hearing. The ongoing investigation, initiated in June, is led by Brazil's Chamber of Deputies, the lower house of Congress, and focuses on 11 companies accused of using cryptocurrencies to falsely promise lucrative returns to investors.
