Former NBA star Shaquille O’Neal has been served with two lawsuits, one over his alleged promotion of the cryptocurrency exchange FTX and the other over his alleged promotion of the Solana-based nonfungible token (NFT) project Astrals.
The FTX lawsuit was filed by a group of investors who allege that O’Neal violated securities laws by promoting FTX without disclosing that he was being paid to do so.
The investors claim that O’Neal’s promotion of FTX caused them to invest in the company and that they lost money when FTX filed for bankruptcy in February 2023.
The Astrals lawsuit was filed by a group of investors who allege that O’Neal founded and promoted Astrals without disclosing that he was doing so. The investors claim that O’Neal’s promotion of Astrals caused them to invest in the project and that they lost money when the project failed.
O’Neal has denied any wrongdoing in both lawsuits. He has said that he was not paid to promote FTX and that he did not find Astrals.
The lawsuits are still pending, and it is not yet clear how they will be resolved. However, the fact that O’Neal has been served with lawsuits could damage his reputation and could make it more difficult for him to promote other cryptocurrency projects in the future.
