Thomas Daniels
NBA Hall of Famer Shaquille O’Neal has reached a confidential settlement with investors who alleged financial losses due to his promotion of the now-defunct cryptocurrency exchange FTX. The settlement, filed on April 23 in the U.S. District Court for the Southern District of Florida, awaits preliminary court approval.
O’Neal was among several celebrities, including Tom Brady, Gisele Bündchen, and Kevin O’Leary, accused of endorsing FTX, which filed for bankruptcy amid allegations of fraud. Investors are seeking up to $21 billion in damages, significantly exceeding the $9.2 billion available through bankruptcy proceedings.
Serving O’Neal with legal documents proved challenging, with lawyers employing various methods over several months, including attempts during NBA games and at his residences. This difficulty led to accusations that O’Neal was evading the lawsuit.
In a separate case, O’Neal agreed to an $11 million settlement in November 2024 concerning his promotion of the Solana-based Astrals NFT project. The class-action lawsuit alleged that the NFTs were unregistered securities. The settlement is pending judicial approval. Despite the project’s website being offline, the NFTs remain visible on NFT marketplaces.
