Football legend Ronaldinho Gaúcho has hinted at a return to the cryptocurrency scene. On June 23, he posted on X, declaring it was time for the asset class to go mainstream and urged his followers to join him.

However, this announcement has not been met with enthusiasm. Instead, it caused criticism and skepticism from the crypto community, with prominent on-chain investigator ZachXBT leading the charge.

Ronaldinhos Crypto Comeback Sparks Controversy

ZachXBT questioned Ronaldinhos motives, suggesting that his sudden re-entry into the crypto world might be driven by financial difficulties. In a pointed response, ZachXBT said, Is this a translation for you are bankrupt again? In case you forgot, here are all of the crypto projects you pump and dumped over the years.

Time for crypto to go mainstream, who’s with me?

Accompanying this statement was a screenshot detailing Ronaldinho’s involvement in several crypto projects, including the meme coin Baby Doge, Atari Chain, Lord Society NFT, and World Cup Inu (WCI).

Is this a translation for you are bankrupt again?

In case you forgot here are all of the crypto projects you pump and dumped over the years. pic.twitter.com/VvVRQR6tKt

Ronaldinhos previous entry into crypto has been filled with controversy. A recent scandal involved the 18kRonaldinho project, which was accused of being a $61 million pyramid scheme.

It promised unrealistic returns of 2% per day to investors who put in at least $30 in digital currencies. Ronaldinho had appeared as an ambassador for the company, which initially sold watches and jewelry, but during a Brazilian congressional hearing, he denied any formal association, claiming his image was used without his consent.

This wasn’t the first time the celebrity was involved in the crypto space. In February 2022, he partnered with Graph Blockchains subsidiary, New World Inc., to become an ambassador and promote NFT experiences to his massive fanbase, which includes nearly 77 million followers on Instagram.

Later that year, he also collaborated with the decentralized exchange P00LS to launch his own token, RON.

Scrutiny and Meme Coin Controversy

Several other high-profile personalities have dipped their toes into the crypto waters, often with mixed results. The crypto community has recently seen an increase in celebrity-backed meme coins, many of which have quickly plummeted in value, causing significant losses for investors.

Celebrities such as Caitlyn Jenner, Andrew Tate, and Nigerian musician David Davido Adeleke have also faced backlash for their involvement in such ventures. Blockchain analytics firm Bubblemaps has also accused Andrew Tate and Iggy Azalea of engaging in insider trading within the meme coin projects they promoted.