Football great Ronaldinho reportedly denies involvement in an alleged major crypto scam after failing to appear at two court hearings.

“It is not true I am the founder and controlling partner of 18K Ronaldinho,” he reportedly stated.

According to recent reports, Ronaldinho has denied any participation in an alleged crypto pyramid scheme, which scammed victims out of approximately $61 million.

During a court hearing in Brazil on August 31, Ronaldinho also refuted any association with 18K Ronaldinho, the company facing these allegations of duping crypto investors by offering unrealistic returns on investment promises.

Ronaldinho claims he knew the company was utilizing his name but refrained from pursuing legal action. He further alleges that he was personally a victim of their scam. However, specific details as to the amount lost remain scarce.

The report reveals that he refused to answer numerous questions throughout the hearing, exercising his right to remain silent.

After not attending two previous hearings, he received a warning that failing to appear in court again would result in police taking action against him.

To learn more about crypto scams, read BeInCrypto’s guide: How To Identify a Scam Crypto Project

Ronaldinho initially faced charges for the case in February 2020 following hundreds of victim’s complaints. According to a recent report, the scheme enticed investors with a high daily rate of returns.

“The company claimed to work with cryptocurrency trading and arbitration and promised its clients income of up to 2% per day, allegedly based on operations with digital currencies, which raised suspicions that it was a financial pyramid due to promises of high and fast payment returns.”

On August 27, Ronaldinho reportedly cited bad weather conditions as the reason for his absence in court. He alleged that the severe weather led to flight cancellations.

Both he and his brother Assis, as well as their business partner Marcelo Lara, were expected to testify before Brazil’s Parliamentary Commission of Inquiry.

The post Ronaldinho Refutes Involvement in Alleged Crypto Pyramid Scheme appeared first on BeInCrypto.

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