#cryptonews
Shaquille O’Neal has reached a settlement with investors who say they lost money in the collapse of crypto exchange FTX, marking the latest legal development in a case that drew widespread attention to the role of celebrity endorsements in the crypto industry.
The proposed classwide settlement, disclosed in a filing with the US District Court for the Southern District of Florida, remains confidential for now.
He once claimed to be a “paid spokesperson,” urging fans to join the platform through high-visibility advertisements. That involvement drew sharp criticism and ultimately legal scrutiny after the exchange filed for bankruptcy, leaving billions of dollars in customer funds unaccounted for.
O’Neal, a former NBA champion and now a businessman and media personality, was prominently featured in FTX’s marketing campaigns.
One process server claimed O’Neal was actively avoiding service. He was finally served at an NBA playoff game in Miami in April 2023. This settlement comes after O’Neal resolved another class-action lawsuit. That case involved his Solana-based NFT project, Astrals. A Florida court approved an $11m deal.
Serving O’Neal legal papers in the FTX case was unusually difficult. Plaintiffs’ lawyers reported several failed attempts to deliver the complaint.
