Retired professional soccer player Ronaldinho Gaúcho recently testified in a congressional hearing in Brazil,
vehemently denying any connection to an alleged $61 million cryptocurrency pyramid scheme that used his name without authorization.
During the hearing on August 31, Ronaldinho appeared before a parliamentary committee inquiry to distance himself from the scheme known as “18kRonaldinho,” .
which promised investors daily returns of 2% on their cryptocurrency investments. Someone filed a $61 million damages lawsuit against the company.
Ronaldinho clarified that he had never associated himself with the company and accused it of misusing his name and image without his consent.
He asserted that he was, in fact, a victim of the alleged fraudulent scheme.
The hearing presented images from 18k Ronaldinho’s marketing materials featuring Ronaldinho prominently.
The soccer star clarified that he had signed a contract with a subsidiary of the company that sold watches, which included taking these photos.
However, he emphasized that he terminated the contract himself in October of the same year it was signed (July 2019), and it was never executed.
When asked by the inquiry’s president, Aureo Ribeiro, whether he intended to reimburse those who had invested in the company, Ronaldinho chose to remain silent.
Similarly, he did not respond when questioned about the $61 million lawsuit.
Ronaldinho had previously failed to appear at two prior hearings related to the inquiry, with his most recent absence on August 24 attributed to adverse weather conditions.
The August 31 hearing represented Ronaldinho’s final opportunity to testify before Congress.
Failure to attend could have resulted in fines or even arrest, with authorities compelled to bring him to the hearing forcibly.
The congressional inquiry, initiated in June, aims to investigate alleged cryptocurrency pyramid schemes.
Brazil’s lower house, the Chamber of Deputies, conducts the investigation, which targets 11 companies accused by the country’s Securities and Exchange Commission of making false promises of substantial returns through cryptocurrency investments.
