An American former professional basketball player, Shaquille O’Neal, has reached a $1.8 million settlement to resolve claims that he promoted FTX, the now-defunct crypto exchange.
The money will be used to cover legal costs, administrative fees, and repayments to people who used the platform or held its token, FTT, between May 2019 and the end of 2022.
The deal still needs approval from a federal court in Florida. If approved, the case will be officially closed. O’Neal will also be protected from any future legal action related to this matter and will not be able to claim money from FTX’s bankruptcy process.
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This lawsuit claimed that O’Neal played an active role in encouraging people to invest in FTX, which has been accused of offering unregistered securities. He once appeared in a commercial saying he was “all in” on FTX, but later admitted he did not fully understand crypto.
Previously, O’Neal made headlines for avoiding legal documents. Lawyers from the Moskowitz Law Firm said they had to wait outside the TNT studios in Atlanta just to hand him the complaint. Court records indicated that he was paid around $750,000 for his promotional work with the exchange.
O’Neal’s legal team told CNBC they were happy to have resolved the matter.
Recently, a federal judge dismissed most of the legal claims against several celebrities who promoted FTX, including Tom Brady, Kevin O’Leary, and Stephen Curry. What led to the decision? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
