By
Sanaa Sharma
April 26th, 2022
It is worth noting that before the hearing on Thursday, Ronaldinho had previously missed two scheduled appearances before the congressional committee, the most recent being on August 24.
Brazilian soccer star Ronaldo de Assis Moreira, commonly known as Ronaldinho, made a compelling case during a congressional hearing on August 31 as he refuted allegations of his involvement in a $61 million crypto pyramid scheme that bore his name.
According to a local media report, the alleged scheme, which went by “18kRonaldinho”, had promised investors daily returns of 2% on crypto investments. A lawsuit has been filed against the firm, seeking to recover the eye-popping $61 million in damages.
Ronaldinho Stands Before the Brazilian Parliament for Defense
Ronaldinho was unwavering in his stance that he was never partnered with the company and emphasized that his name and image had been used without authorization. He firmly positioned himself as a victim of the purported scheme before the Congressional committee, asserting his innocence before the parliamentary committee inquiry.
During the hearing, images from 18kRonaldinho’s marketing materials, featuring Ronaldinho prominently, were presented as evidence. The former Paris Saint-Germain, F.C. Barcelona, and AC Milan star clarified that these images originated from a marketing contract he had inked in July 2019 with a subsidiary of the company, known as “18K Watches”.
He clarified that the contract had been terminated in October of the same year and was never executed for any crypto-related ventures.
Aureo Ribeiro, the inquiry’s president, sought to know if Ronaldinho intended to reimburse those who had invested in the company. Ronaldinho, however, opted to remain silent on this matter. Similarly, the soccer legend did not respond when asked about the ongoing $61 million lawsuit.
Ronaldinho Fails to Appear before Congress on Crypto Scam Hearing
It is worth noting that before the hearing on Thursday, Ronaldinho had previously missed two scheduled appearances before the congressional committee, the most recent being on August 24.
According to reports, the former soccer star attributed his absence to adverse weather conditions, which he claimed prevented him from attending.
The August 31 hearing marked Ronaldinho’s final opportunity to testify before Congress, as authorities had threatened possible fines or arrests if he failed to appear.
The congressional inquiry, initiated in June, aims to investigate a total of 11 companies accused by the Brazilian Securities and Exchange Commission (CVM) of falsely promising high returns using digital currencies.
While Ronaldinho’s involvement in the crypto scheme has sparked controversy, his testimony before the congressional committee may be crucial in shaping the ongoing investigation. It remains to be seen how this high-profile case will unfold in the coming weeks as both sides present their evidence and arguments.
Crypto Schemes in Brazil
Meanwhile, the “18kRonaldinho” case is one of several instances where individuals and entities have capitalized on the popularity of cryptocurrencies to defraud unsuspecting victims in Brazil.
Earlier this year, three Brazilian soccer players, Scarpa, Mayke, and Willian Bigode, revealed that they lost money to a crypto company called Xland.
The company promised them up to 5% in return for the money they invested every month. Scarpa and Mayke reported this to the police in November last year after winning a league title with Palmeiras.
According to reports, Scarpa invested 6.3 million reais (about $1.2 million) in the company, while Mayke invested around four million reais (about $762,000).
