Former professional soccer player Ronaldinho testifies in a Brazilian congressional hearing, refuting any connection to a purported $61 million crypto pyramid scheme. The scheme had reportedly used his name without authorization.

During the August 31 hearing, Ronaldinho strongly denied involvement in the “18kRonaldinho” scheme, which offered 2% daily cryptocurrency returns. A lawsuit was filed against the company, seeking $61 million in damages.

Ronaldinho clarified that he had never collaborated with the firm and that they had wrongfully used his identity and likeness. He asserted that he was, in fact, a victim of this purported fraudulent scheme.

Visual evidence was presented during the hearing, showcasing marketing materials from 18kRonaldinho that prominently featured Ronaldinho’s image.

He clarified that the images were taken as part of a deal with a company subsidiary focused on watch sales. However, this contractual arrangement was terminated in October of the same year it was initiated, rendering it invalid.

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Aureo Ribeiro, the president of the inquiry, posed a question regarding whether Ronaldinho had plans to reimburse the individuals who invested in the company. To this, Ronaldinho opted to remain silent.

When inquired about the ongoing $61 million lawsuit, Ronaldinho did not provide a response.

Notably, Ronaldinho had previously failed to attend two other hearings related to this investigation. In his defense, he cited adverse weather conditions as the reason for his absence during the most recent attempt on August 24.

The August 31 session marked his final opportunity to present himself before the congressional committee. Had he not participated, he could have faced potential penalties or even arrest, compelling authorities to ensure his attendance.

Initiated in June, the inquiry aims to probe various crypto pyramid schemes. Conducted by the Chamber of Deputies, Brazil’s lower house, this investigation targets a total of 11 companies that allegedly made false promises of substantial crypto-based returns, according to the nation’s Securities and Exchange Commission.

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