A digital currency bearing Ronaldo's name collapses!

The world of cryptocurrencies has witnessed a new scandal after the collapse of a cryptocurrency called CR7 Meme Coin, which exploited the fame of Portuguese star Cristiano Ronaldo without any official affiliation with him. Launched on the Solana network, the coin saw a rapid rise in market value, reaching approximately $143 million in a few hours, before collapsing by 98% in just 15 minutes, leaving investors with huge losses. These coins rely on a scam known as "Rug Pull," whereby the project is heavily promoted by influencers, rapidly increasing in value before the liquidity is completely withdrawn, leaving investors with almost nothing. Prominent digital analysis platforms have observed that wallets linked to regulators acted quickly to sell their holdings, generating huge profits while late-stage investors suffered significant losses. The most concerning aspect of this incident is the exploitation of Ronaldo's name and CR7 brand to attract investors, despite the fact that the Portuguese star has not publicly announced any affiliation with the currency. His only documented involvement with the crypto world is a 2022 partnership with Binance to launch NFT collections, a project entirely independent of the currency. This isn't the first time a global star's name has been exploited to launch a suspicious currency. In recent months, the YZY coin, associated with singer Kanye West, collapsed in the same fraudulent manner: a rapid rise followed by a sudden collapse, leaving investors with huge losses.