As a seasoned analyst with years of experience under my belt, I have witnessed the rise and fall of countless celebrities dabbling in various industries. The latest entrant to this rollercoaster is Shaquille O’Neal, who has made a name for himself on the basketball court but now finds himself in hot water over crypto and NFTs.
Legendary basketball player Shaquille O’Neal, often referred to as Shaq, is recognized as one of the greatest defenders in basketball history. However, in a Florida federal district court, his defensive skills didn’t serve him well in resolving a lawsuit. In an attempt to avoid further legal proceedings, Shaq reportedly agreed to a settlement for $11 million.
The Case Against O’Neal and Astrals
According to reports, it’s been suggested that O’Neal illegally marketed non-registered digital assets, such as NFTs and cryptocurrencies. As a result, charges have been levied against him and his firm, Astrals.
In the month of May 2023, I found myself among a collective of individuals who brought forth a lawsuit against Shaquille O’Neal. The crux of our allegation was that he leveraged his fame to endorse Astrals, a digital collection comprising 10,000 “metaverse-compatible” 3D avatars. Additionally, we asserted that O’Neal also used his celebrity influence to promote Galaxy tokens, a related cryptocurrency.
According to reports, Shawn O’Neal is believed to have endorsed the project through his DJ persona, “DJ Diesel.” It’s been suggested that he utilized high-profile events and live performances to subtly introduce the Astrals characters in a rather obvious manner.
According to court records, the accusers claim that O’Neal and his business advertised the digital assets at issue as unlicensed securities. They allege this action goes against U.S. regulations.
Over the course of the trial, O’Neal and his lawyers made several attempts to dismiss the case. Nevertheless, a federal judge permitted the plaintiffs to move forward with their lawsuit in August. By November, both sides decided to reach an agreement and settle the matter.
As an analyst, I am anticipating that once approved by the court, the proposed $11 million settlement will cater to both legal expenses and compensation for all individuals who acquired Astral’s NFTs (Non-Fungible Tokens) and Galaxy tokens.
In a confidential message on Discord, Astral acknowledged that they’re struggling financially due to unexpected legal costs and a drawn-out court case.
Celebrities and Crypto: A Growing Trend
It’s worth mentioning that O’Neal isn’t the first public figure to face legal scrutiny following his endorsement of cryptocurrency.
In 2022, Kim Kardashian’s case involving a $1.3 million settlement with the U.S. Securities and Exchange Commission (SEC) for promoting EthereumMax is still being discussed. Similarly, NFL star Tom Brady and comedian Larry David are currently dealing with lawsuits related to the failed crypto exchange FTX.
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2024-11-19 16:01