Cristiano Ronaldo Meme Coin Rugs $143M in 15 Minutes Scam

Cristiano Ronaldo’s name triggered a massive surge in the cryptocurrency market as speculation over a rumored “CR7” meme coin led to a fraudulent token that briefly reached a $143 million market cap before collapsing in under 15 minutes in a classic rug pull [1]. The event was identified by on-chain analytics firm Bubblemaps, which noted that the sudden collapse was preceded by coordinated influencer-led promotions that directed investors to the token’s contract address, creating artificial liquidity before the exit [1].

Despite no official confirmation from Ronaldo or his representatives, developers and traders quickly capitalized on the buzz by launching and promoting fake CR7 tokens, largely on the Solana blockchain. The rapid rise and fall mirrored similar patterns seen in previous celebrity-backed token launches, such as Kanye West’s YZY token, which briefly hit $411 million in market cap before dropping 74% within 24 hours [1]. However, unlike YZY, which retained some community interest, the CR7 tokens lacked any real endorsement and collapsed almost immediately after the liquidity spike.

Scammers leveraged Ronaldo’s real-world partnership with Binance, which began in 2022 and included the release of NFT collections, to create the illusion of legitimacy for the fake tokens [1]. Despite no official announcements of a CR7 cryptocurrency beyond NFTs, the association was enough to attract speculative investors. Both Ronaldo and Binance have remained silent on the issue, highlighting how real-world brand partnerships can be manipulated to fuel speculative hype and fraudulent activity [1].

The role of social media influencers in the incident was particularly significant. Their posts, which were quickly deleted after the collapse, played a crucial part in inflating the token’s value by directing retail investors to the contract address. The coordinated nature of the promotion suggests an organized effort to create a short-lived liquidity spike, after which large holders dumped their holdings, causing the token to plummet 98% [1].

The incident underscores the growing risks in the meme coin market, where influencer-led projects often serve as fronts for rug pulls and other fraudulent activities. Retail investors continue to fall victim to these schemes, often chasing hype without fully understanding the risks. The CR7 case adds to a growing list of warnings about the dangers of investing in tokens based solely on celebrity names or social media buzz [1].

As the market continues to evolve, the line between hype-backed projects and outright scams becomes increasingly blurred. The CR7 rug pull highlights the need for greater caution and due diligence among investors. Projects lacking verifiable utility, official endorsements, or transparent development practices should be approached with skepticism. Until celebrity-backed tokens come with clear, verifiable partnerships and tangible utility, they are likely to remain speculative traps rather than legitimate investment opportunities [1].

Source: [1] CryptoTicker - [https://cryptorank.io/news/feed/c6fd9-cristiano-ronaldo-meme-coin-dollar143m-rug-pull-shocks-crypto-market](https://cryptorank.io/news/feed/c6fd9-cristiano-ronaldo-meme-coin-dollar143m-rug-pull-shocks-crypto-market)