Brazilian footballer Ronaldinho denies participating in alleged crypto scheme

Legendary Brazilian footballer Ronaldo de Assis Moreira, better known as Ronaldinho, has denied participating in an alleged cryptocurrency scam that was both named after him and used his likeness, local media reported.

Ronaldinho appeared Thursday before a legislative commission investigating the alleged ponzi scheme.

Dubbed 18k Ronaldinho, the scheme promised returns of up to 400% in less than one year's time, according to Brazilian newspaper Folha de Sao Paulo. During the Thursday session, Ronaldinho called himself a victim, while asserting that he had not authorized the company to use his name and likeness.

World Cup-winning footballer

Instead, the World Cup-winning footballer said he signed a contract to promote a watch company called 18K Watches in 2019 and that the photos he took for that promotion had been used in the crypto-related venture without his permission. He also said he cancelled the contract with the watch company in 2019.

Ronaldinho made news when he failed to appear at two other previously scheduled investigative sessions, but he claimed he was not to blame for either absence.