Outside Source
Binance founder’s attempt to clarify his stance on Ronaldinho’s token backfires, as crypto traders slam him for even mentioning the controversial token.
What was supposed to be a simple “disclaimer” has sparked a full-blown controversy, with Binance founder Changpeng Zhao now in the hot water over a new token launched by Ronaldinho Gaúcho, the once famous former Brazilian soccer star.
In a March 3 post on X, Ronaldinho announced his new token, dubbed STAR10, which he touted as a way for fans to “make history” and gain access to exclusive benefits. “Legends are not born… THEY ARE FORGED. And YOU can choose to be a part of it. Get your $STAR10 NOW,” Ronaldinho said in his X post announcing the launch.
While the token saw a 20% price pump shortly after its launch, things quickly took a U-turn. As crypto.news reported, on-chain analysts quickly raised concerns about insider trading linked to the token launch.
According to blockchain analytics firm Nansen, an insider wallet tied to Ronaldinho profited a massive $4.95 million, triggering skepticism among traders. “So far, the insider has sold 119,278 $STAR10 for 54 $BNB ($33,106),” X user under alis Onchain Lens reported, adding that the insider still holds $4.93 million worth of STAR10.
To make things worse, Binance’s founder Changpeng Zhao mentioned the STAR10 token in an X post on March 3, trying to separate himself from the drama while warning crypto investors about copycats on decentralized exchanges.
In the post, the Binance founder seemingly tried to clarify that the token was launched exclusively on the BNB Chain, and warned that “other chains’ coins are fake,” urging investors to “beware of scammers.” He also pointed out that although he’s been a fan of Ronaldinho since 2005, there are “no commercial relationships between BNB Chain (or any of our affiliates) and Ronaldinho.”
Zhao also was quick to say that the post “is NOT an endorsement,” but the crypto community clearly wasn’t having it.
“Better stay silent”
The backlash was immediate. Some even called out Zhao for promoting the token despite the disclaimer. “Better stay silent and let the market do its own thing,” one user said, responding to the post with skepticism.
“NOT an endorsement but you talking about it, it’s enough to mention that and is already an endorsement! Better stay silent and let the market do its own thing!”
A reply by X user @Mike01CKY
In his replies to the post, Zhao was slammed by many crypto traders for even mentioning the token, with critics accusing him of indirectly endorsing the shady token.
“You’re losing tons of respect with this post CZ. @10Ronaldinho has rugged users in the past. Gloating about this is just wrong, you’re better than that (at least I thought you were).”
A reply by X user @Web4Agent
The STAR10 token itself had also already sparked controversy even before the insider trading allegations. Many traders raised doubts about its legitimacy, noting that celebrity-endorsed tokens are often seen as cash grabs or attempts to capitalize on fame without any real utility.
Many still remember Ronaldinho’s previous involvement with high-risk crypto schemes, some of which had disastrous outcomes.
Ronaldinho’s crypto experience
Ronaldinho’s crypto history appears to be pretty messy. Back in June 2024, he hinted at making a comeback, saying it was time for crypto to “go mainstream.” But not everyone was convinced.
Well-known crypto investigator ZachXBT quickly pointed out that Ronaldinho had backed several questionable projects, including World Cup Inu and Lord Society NFT, which had turned into pump-and-dump schemes. He also promoted meme coins like WATER and Baby Doge, raising even more doubts.
But the most controversial chapter in his crypto career came in September 2023, when Ronaldinho was linked to the “18kRonaldinho” project, which was accused of operating a $61 million pyramid scheme. Ronaldinho quickly denied the allegations.
The soccer legend claimed that he had been unfairly implicated and the company exploited his public image without permission. He also stated he had agreed only to endorse a watch collection by 18k Watchs, but he never authorized using his name and image to sell or promote cryptocurrencies. The project falsely promised investors daily returns of 2% and had used his likeness to build credibility.
This article first appeared at crypto.news
