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Shaquille O’Neal Settles FTX Lawsuit – And You Won’t Believe How Much He Paid

BBG News

In the latest twist of the FTX saga, Shaquille O’Neal, who once dunked with ease on basketball courts, has now decided to settle with investors who claim their fortunes evaporated when the cryptocurrency exchange went belly-up. The settlement, mysteriously enough, will remain a closely guarded secret, like a magician’s best trick. According to the US District Court for the Southern District of Florida, the terms won’t be made public until a proper request for preliminary court approval is submitted. How suspenseful.

The former NBA star, alongside a gaggle of other celebrities and athletes, was accused of lending his sparkling endorsement to FTX, thus allegedly adding fuel to the fire that torched countless investors’ dreams of crypto riches. His role in the collapse is like a plot twist in a poorly written soap opera—suspenseful, but ultimately disappointing.

This case forms part of a larger legal quagmire, as investors are chasing a staggering $21 billion in damages from the likes of FTX insiders, advisers, and yes, the ever-popular celebrity promoters. But don’t get your hopes up—only a mere $9.2 billion is left in the bankruptcy kitty. So, it’s a bit like trying to claim the last slice of pizza, only to find it’s already gone.

And it doesn’t stop with Shaq. Oh no. Among the many stars tangled up in this mess are NFL’s Tom Brady, supermodel Gisele Bündchen, and billionaire Kevin O’Leary, to name a few. The FTX scandal is quickly becoming a who’s-who of people who probably should have stuck to their day jobs. Talk about a *bad* investment.

Now, if you thought serving Shaq with legal papers would be a breeze, think again. His lawyers reportedly spent months in hot pursuit of the big man, with attempts to deliver court documents during NBA games and at his various residences. Talk about a game of legal hide-and-seek. The legal team even went so far as to accuse O’Neal of “running from the lawsuit”—a bit harsh, don’t you think? It’s almost as if Shaq was trying to dodge more than just basketballs.

O’Neal Wraps Up $11 Million Settlement Over Astrals NFT Project

As if his FTX troubles weren’t enough, O’Neal recently agreed to pay a cool $11 million to put to rest a class-action lawsuit over his involvement in the Solana-based Astrals NFT project. Yes, apparently endorsing NFTs is as good a way to make a fortune as endorsing FTX. Who knew?

In May 2023, Shaq was served with legal papers during an NBA game at Miami’s Kaseya Center, which, rather fittingly, was formerly the FTX Arena. It seems the universe has a sense of humor. The lawsuit alleged that the NFTs he promoted were, surprise, unregistered securities. A judge in August 2024 ruled that O’Neal would have to defend himself against some of these claims—because, apparently, dunking on people isn’t enough anymore.

The Astrals project is a Solana-based venture featuring 10,000 NFTs, a metaverse called Astralworld, and, just to keep it interesting, a decentralized autonomous organization (DAO) with a snazzy governance token named Galaxy. It’s like the universe, but with a price tag. Dreamy, right?

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2025-04-24 13:13

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