TLDR
- Fake CR7 meme coin hit $143M market cap in 6 minutes before crashing 98% in a coordinated pump-and-dump scheme
- Multiple influencers promoted fake Cristiano Ronaldo tokens over the weekend but later deleted their posts
- Ronaldo has made no official announcements about launching any cryptocurrency tokens
- One investor lost $9,826 after their CR7 tokens dropped from that amount to just $1 in value
- The scam followed similar patterns to Kanye West’s YZY token launch which also saw massive price swings
Fake cryptocurrency tokens using Cristiano Ronaldo’s name fooled investors out of millions over the weekend. The largest scam token reached a $143 million market cap before collapsing completely within 15 minutes.
The fake CR7 token gained attention after influencers spread rumors that Ronaldo planned to launch an official meme coin. These claims had no backing from Ronaldo or his management team.
Blockchain research firm Bubblemaps found evidence that organized groups coordinated the scheme. The fake tokens appeared on the Solana network rather than Binance, where Ronaldo has his official NFT partnership.
At least five different CR7-themed crypto coins launched on Solana during the weekend. Four of them failed to reach $1 million in market value. Only the influencer-promoted version gained real momentum.
The Pump and Dump Scheme
The successful scam token shot up to $143.2 million in market cap within just six minutes of launch. Data from DEX Screener shows the token then lost 98% of its value in the following minutes.
Multiple wallets sold their tokens simultaneously, creating the massive price crash. One documented case shows a buyer spending $9,827 on CR7 tokens that became worth only $1.
Research suggests the timing connected to Kanye West’s YZY token launch earlier in the month. West’s official token reached $411.23 million in market cap within one hour before dropping 74% to $105 million over 24 hours.
The CR7 scammers likely used West’s launch to create fake hype around Ronaldo. They promoted contract addresses through social media before executing their exit strategy.
Ronaldo’s Limited Crypto History
Cristiano Ronaldo has not posted anything on social media about launching cryptocurrency tokens. His only verified crypto involvement remains his NFT collections with Binance.
The Binance partnership started in 2022 and produced four NFT collections. These digital items originally sold for $77 each but now trade for approximately $1.
Ronaldo faced a $1 billion class action lawsuit in the United States in late 2023. The lawsuit claimed his Binance promotions misled retail investors about cryptocurrency risks.
Pattern of Celebrity Token Scams
The CR7 incident follows a pattern of celebrity-linked cryptocurrency scams. Floyd Mayweather, Kim Kardashian, Iggy Azalea, and DJ Khaled all faced regulatory action for promoting questionable tokens during the 2017-2021 period.
Ronaldo’s social media following of over 600 million people across platforms makes him an attractive target for scammers. The large audience provides an easy way to spread false information quickly.
Even without direct endorsement from Ronaldo, the suggestion of his involvement was enough to drive millions of dollars into the fake token. This shows how celebrity associations continue to be exploited in cryptocurrency markets.
