The absence of Brazilian football icon Ronaldinho at a parliamentary hearing on crypto pyramids has sparked controversy. Summoned by the Brazilian Chamber of Deputies’ Financial Pyramids Committee, Ronaldinho failed to appear at the hearing on Thursday, August 24. Lawmakers expressed their frustration and issued him with a summons. With the threat of potential jail time looming, Ronaldinho may face further consequences if he refuses to attend another hearing later this month.

The lawmakers are eager to speak with Ronaldinho regarding his alleged involvement with two companies, 18kRonaldinho and LBLV. Particularly, they seek to understand the extent of his connection to 18kRonaldinho, a company accused of luring investors into using a scam platform. The platform organizers enticed crypto holders to invest a minimum of $30 worth of cryptocurrency, promising them daily gains of 2% or more. It is believed that the firm initially operated as a “watch and jewelry trader,” and lawmakers suspect Ronaldinho’s role may have been “ambassadorial.” The committee is eager to determine if Ronaldinho gave the company permission to use his name and image for advertising purposes.

During the hearing, Ronaldinho’s brother, Roberto de Assis Moreira, attended on his behalf. According to reports, Moreira briefly spoke to the MPs about the two companies under investigation. He claimed that Ronaldinho had been cooperating with the investigations and had already provided clarification to the nation’s Public Ministry. However, the lawmakers remained unsatisfied and insisted on Ronaldinho’s presence, demanding a personal statement from the football star.

The investigation into 18kRonaldinho was prompted by a complaint filed by disgruntled investors who have collectively lost approximately $61 million. These investors have filed a civil lawsuit against the company, seeking justice for their financial losses. Ronaldinho’s legal team has countered the accusations, asserting that he was also a victim and that he never authorized the use of his name or image by the company.

The participation of Brazilian footballers in the crypto industry has yielded mixed results in recent years. In a notable case, unnamed professionals were rumored to have invested money and coins in a $769 million “crypto pyramid” scheme. Additionally, earlier this year, two players initiated legal proceedings after falling victim to an alleged “crypto scam” under the guidance of a third player’s company.

Ronaldinho’s absence at the parliamentary hearing on crypto pyramids has intensified the intrigue surrounding his involvement with 18kRonaldinho and LBLV. Lawmakers maintain their insistence on his attendance, hoping to receive a firsthand statement from the football star. As the investigation continues, the outcome of this case could have significant ramifications not only for Ronaldinho but also for the broader intersection of sports and cryptocurrencies.

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