Football legend Ronaldinho Gaucho has hinted at a return to the cryptocurrency scene. On June 23, he posted on X, declaring it was time for the asset class to go “mainstream” and urging his followers to join him.
However, this announcement was not met with enthusiasm. Instead, it has drawn criticism and skepticism from the cryptocurrency community, with prominent investigator ZachXBT leading the charge.
Ronaldinho’s return to cryptocurrencies raises controversy
ZachXBT questioned Ronaldinho’s motives, suggesting that his sudden return to the world of cryptocurrencies may have been prompted by financial difficulties. In a clear response, ZachXBT said: “Is this a translation because you’re broke again? And in case you forgot, here are all the cryptocurrency projects I’ve pumped and dumped over the years.
Attached to this statement is a screenshot detailing Ronaldinho’s involvement in several cryptocurrency projects, including the Baby Doge meme, Atari Chain, Lord Society NFT, and World Cup Inu (WCI).
Ronaldinho’s previous foray into the cryptocurrency space was filled with controversy. Recently, there was a scandal related to the “18k Ronaldinho” project, which was accused of being a pyramid scheme worth $61 million.
It promised unrealistic returns of 2% per day to investors who invested at least $30 in cryptocurrencies. Ronaldinho had appeared as an ambassador for the company, which initially sold watches and jewelry, but during a hearing in the Brazilian Congress, he denied any official association, claiming that his image was used without his consent.
This wasn’t the first time a celebrity got involved in the cryptocurrency space. In February 2022, it partnered with New World Inc. of Graph Blockchain, to become an ambassador and promote NFT experiences to his massive fan base, which includes nearly 77 million followers on Instagram.
Later that year, he also collaborated with decentralized exchange P00LS to launch his RON token.
Scrutiny and controversy surrounding the meme coin
Many other notable figures have dipped their toes into the cryptocurrency waters, often with mixed results. The cryptocurrency community has recently seen an increase in celebrity-backed cryptocurrencies, many of which have rapidly declined in value, causing significant losses for investors.
Celebrities such as Caitlyn Jenner, Andrew Tate and Nigerian musician David “Davido” Adeleke have also faced backlash over their involvement in such projects. Blockchain analytics firm Bubblemaps also accused Andrew Tate and Iggy Azalea of engaging in insider trading within meme currency projects they promoted.