Shaquille O’Neal reaches an agreement with FTX investors
By Hannah Pérez
The basketball legend, Shaquille O’Neal, reached an agreement with FTX clients years after appearing in a commercial promoting the now missing criptomoned exchange.
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- The figure of the basketball world, Shaq O’Neal, reaches an agreement with old FTX clients.
- O’Neal was accused by plaintiffs of having promoted FTX, who later fell bankrupt.
- The former player starred in a commercial for the Exchange months before his collapse.
- O’Neal is among celebrities who have faced demands related to FTX.
Almost three years after the dramatic break FTXthe basketball star Shaquille O’Neal has reached an agreement with the investors of the now missing criptomonetas exchange after having starred in a commercial for the company.
O’Neal and the plaintiffs reached a “Friendly Resolution Proposal“, According to a judicial document presented on Wednesday in a court for the southern district of Florida, United States, they reported The Block and several other news media on Thursday.
The details of the agreement, including the amount that the former customers of FTX They did not reveal.
The basketball legend turned into business magnate was subject to a collective claim that was presented at the end of 2022 by an Oklahoma investor who claimed to have bought cryptocurrencies in FTX After having seen the company’s ads.
As you remember The BlockEdwin Garrison presented the legal action on behalf of a group of affected, stating that the celebrities who promoted the exchange did not make due diligence before promoting the company publicly, while not revealing the nature of the agreement or the amount of money they received for doing so.
Months before his collapse, FTX He had published a promotional video in which O’Neal presented himself as a partner of the exchange. “I am excited to partner with FTX to make accessible crypto for all“, Said the former player in the commercial. “I’m inside, what about you?“He added in that video, although he later said he did not understand cryptocurrencies.
That commercial is still available in the social media account of FTX.
We Couldn’t Keep it Secret Any Longer! We’re partnering with … The One … The Only …@Shaq! (Aka Shaqtoshi) pic.twitter.com/v37uq5wsxi
– FTX (@FTX_Official) June 1, 2022
Among the celebrities demanded by the FTX collapse
FTXonce an empire of cryptocurrencies, was declared in bankruptcy in October 2022, and the CEO of the exchange, Sam Bankman-Fried, was convicted in November 2023 of seven criminal charges.
O’Neal is just one on a list of celebrities who have been tied to legal battles for their links with FTX.
Other athletes, including tennis player Naomi Osaka, baseball player Shohei Otani, basketball player Steph Curry and retired soccer player Tom Brady have also been accused in a similar way for promoting the exchange before his disappearance, along with Comedian Larry David, the investor Kevin O’Leary and the model Gisele Bundchen.
O’Neal, who after bankruptcy FTX said it was “Only a spokesman paid by a commercial“, Previously reached an agreement in a separate lawsuit also related to the exchange; specifically with the NFT project, Astral.
That first resolution in November 2024 occurred after some dramatic turns in the case, in which the lawyers complained to present setbacks to properly notify O’Neal. Finally, after more than 20 attempts, he was approached by an official during a party of the NBA In Miami, where the legal letter was delivered, thus initiating the actions against him.
A separate agreement between Trevor Lawrence and the YouTubers Tom Nash, Graham Stephan and Andrei Jikh, with victims of FTX Totalized a relatively small collective payment for USD $ 1.4 million. According to COINDESK, The plaintiffs in the case of O’Neal are looking for up to USD $ 21 billion in total damages of both the celebrity and other promoters and exejecutives.
Hannah Estefanía Pérez / Diariobitcoin
Image generated with AI tool, under free use license
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