A shocking scandal has rocked the soccer world as six former La Liga stars, including ex-Barcelona players Ivan Rakitic and Javier Saviola, face fraud charges in a $3.4 million NFT and crypto fraud. A Barcelona court has launched a criminal probe into Shirtum Europa, a company accused of misleading investors with promises of valuable digital assets that never materialized.
Alleged $3.4M Scam Unravels
The accused players, also including World Cup winners Alejandro “Papu” Gómez and Lucas Ocampos, plus Nico Pareja and Alberto Moreno, allegedly played an active role in promoting Shirtum’s NFT project. The company, led by David Rozencwaig and others, created an app to sell NFTs tied to the players.
Shirtum Europa SLU reportedly marketed the NFTs as unique digital assets, some priced at over $513, using the bait of famous footballers to attract investors. The company raised $3.4 million through its in-house $SHI token, promising a functional platform for trading these NFTs. However, the project was abruptly abandoned before launch, leaving the NFTs and crypto worthless. Investors, now plaintiffs in the lawsuit, claim they were deceived by the players’ endorsements.
Growing Intersection of Sports and Crypto
The sports world is increasingly intersecting with the crypto space. For instance, La Liga banned betting sponsors, pushing clubs like Valencia to partner with blockchain firms. Barcelona itself sold 24.95% of Barca Vision to Socios for $100 million, embracing NFTs.
Elsewhere, the Federation Internationale de Football Association (FIFA), the global football authority, recently teamed up with Avalanche to launch “FIFA Blockchain,” a custom Layer-1 blockchain. This collaboration aims to transform FIFA’s Web3 initiatives for fans worldwide.
Apart from the FIFA, Avalanche collaboration, Tether, the issuer behind the leading stablecoin, USDT, has also purchased a minority stake in the Italian football team, the Juventus football club (also known as Juve). Although the firm did not reveal how much it has invested in the football club, Tether CEO Paolo Ardoino holds that the acquisition is a vehicle to drive USDT integration.
As soccer stars lend their names to crypto ventures, the line between opportunity and deception blurs. The Barcelona court’s investigation could set a precedent for holding celebrities accountable for crypto fraud.
