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Football Legend Ronaldinho Promotes Crypto Adoption, ZachXBT Issues Warning

In the latest move, the famous Brazilian footballer Ronaldinho appears to support the crypto mainstream adoption. The former player showed crypto endorsement via his X account, which boasts a huge 21.5 million fan following, and wrote, “Time for crypto to go mainstream, who’s with me?” This move sparked excitement alongside the controversy among the crypto community, with his direct appeal via X post attracting over 2.2 million views and 3.4K reposts. 

Though Ronaldinho’s crypto endorsement has a significant impact due to his vast global following and influential status, blockchain security firm ZachXBT raised red flags over his actions. Pointing toward his previous influential roles at crypto platforms, the fraud-detecting firm responded critically over his latest move and added,

Is this a translation for you are bankrupt again? In case you forgot, here are all of the crypto projects you pump and dumped over the years,

The analytical firm alleged that Ronaldinho’s latest partnership is a ‘pump and dump’ scheme. To support their claims, ZachXBT pointed out a few crypto projects Ronaldinho promoted that proved vulnerable and unsustainable. Moreover, the firm accused the footballer of using the crypto industry to untangle his financial troubles, such as previous tax debt issues.

TOTAL
The crypto market’s total cap currently stands at $2.213 trillion. | Source: TradingView.com

Ronaldinho Partners With Lingo

Recently, Ronaldinho secured a strategic partnership with Lingo, a crypto platform that directs the utility of reward tokens with RWA (real-world assets) by utilizing blockchain technology. Allocated as an ambassador for Lingo, Ronaldinho seems to capitalize on his celebrity status to introduce the nuances of digital currencies and spread awareness demographically. 

Apart from the latest Lingo collaboration, Ronaldinho participated in various web3 initiatives and Gamefi platforms on Solana and Base Blockchain in the past. For instance, he indulges in memecoins like Baby DogeCoin, Kishu Inu, Atari chain, and World Cup Inu. Similarly, these projects didn’t garner any apparent success but the influential hype only. 

Also, Ronaldinho is not the first celebrity who used these tactics to promote financial technologies. Some of those dominant figures include Lionel Messi, Tom Bardy, Naomi Osaka, and the Australian rapper Iggy Azalea, who became pivotal sources to attract new users to an unfamiliar ecosystem like crypto. These collaborations have a potential impact due to celebrity status and immense fan followings on various social media platforms. And they, understandably, became reasons for short-term market fluctuations. 

Given that, various crypto communities view latest collaboration skeptically due to the footballer’s vulnerable history of partnerships.Other Celebrities Influenced Crypto Projects In The Past

The inclusion of celebrity personalities in crypto hints at the regulatory gap worldwide. Previous instances of famous icons using their fame for personal gains also urge caution among investors. For example, the MOTHER token on the Solana blockchain that the Iggy Azalea backed shot 90% following a day of its launch. On the other side, Floyd Mayweather Jr was found to be involved in the initial coin offering (ICO) of a fraudulent coin. Hence, the celebrity addition leads to unequal extensive exposure and adoption alongside the risks.

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