Cristiano Ronaldo, MLB, and Mercedes F1 have been hit with lawsuits related to their involvement with Binance and FTX, according to recent court documents. The lawsuits allege that these organizations and individuals promoted the crypto exchanges, which have been involved in fraudulent activities. Ronaldo specifically is accused of soliciting investments in unregistered securities on behalf of Binance. The lawsuits claim that these high-profile endorsements were used to convince consumers that the exchanges were safe. The founder of FTX, Sam Bankman-Fried, was recently found guilty of fraud charges, while the founder of Binance, Changpeng "CZ" Zhao, pleaded guilty to violating federal statutes. Zhao has resigned from his role as CEO and Binance must pay forfeitures and exit the US market. Bankman-Fried is currently held in detention and may face another trial, while Zhao and Bankman-Fried face potential prison sentences.
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