{"id":11394,"date":"2025-04-24T12:04:32","date_gmt":"2025-04-24T10:04:32","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=11394"},"modified":"2025-04-24T12:04:32","modified_gmt":"2025-04-24T10:04:32","slug":"shaquille-oneal-reaches-confidential-settlement-in-ftx-legal-battle","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/04\/24\/shaquille-oneal-reaches-confidential-settlement-in-ftx-legal-battle\/","title":{"rendered":"Shaquille O’Neal Reaches Confidential Settlement in FTX Legal Battle"},"content":{"rendered":"

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Shaquille O\u2019Neal has come to an agreement with investors who allege losses stemming from the downfall of the cryptocurrency exchange FTX, as indicated in a filing on April 23 in the US District Court for the Southern District of Florida.<\/p>\n

The specific sum of the settlement is kept private, with details anticipated to be revealed once investors formally seek preliminary court endorsement, according<\/a> to judicial documents.<\/p>\n

O\u2019Neal and various other celebrities and athletes have been accused of endorsing FTX and supposedly exacerbating investor losses by supporting the now-defunct exchange.<\/p>\n

Source: Court Listener<\/em><\/figcaption><\/figure>\n

This case is part of an extensive multidistrict litigation initiative, where investors are pursuing up to $21 billion in compensation from FTX insiders, advisors, and promoters, considerably surpassing the $9.2 billion accessible through bankruptcy processes.<\/p>\n

Other celebrities facing similar legal issues<\/a> for their involvement with FTX include NFL quarterback Tom Brady, supermodel Gisele B\u00fcndchen, billionaire investor Kevin O\u2019Leary, former NBA athlete Udonis Haslem, David Ortiz, Naomi Osaka, among others. <\/p>\n

Significantly, investors from FTX experienced difficulties<\/a> in delivering legal documents to O\u2019Neal during the initial phases of the litigation concerning his promotion of the fallen exchange.<\/p>\n

Related: <\/strong><\/em>FTX previous executives and promoters to settle class-action lawsuit for $1.3M<\/strong><\/em><\/a><\/p>\n

O\u2019Neal completes $11 million settlement regarding Astrals NFT initiative<\/h2>\n

The agreement with FTX investors comes as O\u2019Neal recently consented to pay $11 million<\/a> to settle a class-action lawsuit related to his participation in the Solana-based Astrals NFT project<\/a>.<\/p>\n

In May 2023, O\u2019Neal was served with the Astral NFT lawsuit<\/a> while attending an NBA match at Miami\u2019s Kaseya Center, previously known as the FTX Arena. The class-action lawsuit concerned his endorsement of the Astrals NFT project, claiming that the NFTs endorsed by O\u2019Neal were unregistered securities.<\/p>\n

In August 2024, a federal judge in Miami decided that O\u2019Neal would have to defend<\/a> against some of the accusations raised in the case.<\/p>\n

Magazine: <\/strong><\/em>Ethereum maxis should become \u2018assholes\u2019 to win TradFi tokenization competition<\/strong><\/em><\/a><\/p>\n