Ronaldinho denies crypto scam in congressional hearing

Brazilian soccer star Ronaldinho denied involvement in an alleged cryptocurrency pyramid scheme bearing his name in testimony before a Brazilian congressional committee. He won the 2002 World Cup with Brazil, told lawmakers his name and image had been used without his consent by 18K Ronaldinho, a firm accused of defrauding investors with false promises of returns of up to 400 percent.

He said he had signed a marketing contract in 2016 with a US company called 18K Watches. Ronaldinho had failed to appear at two prior hearing dates set by the committee. He was criminally charged in the case in February 2020. Days later, he was arrested in Paraguay for using a forged passport and was detained for more than five months before be being released.