NBA Star Shaquille O'Neal Agrees to Pay FTX $1.8 Million to Settle Endorsement Dispute
Breaking: Shaq Settles with FTX Investors for $1.8M
NBA Legend Shaq Settles $1.8 Million Lawsuit Over Defunct Crypto Exchange FTX
In a recent court filing, it's been revealed that basketball legend Shaquille O'Neal has agreed to settle a lawsuit worth $1.8 million. The lawsuit, which accuses him of promoting FTX, a crypto exchange that went bankrupt in 2022, is now set to settle.
Sam Bankman-Fried, FTX's former CEO, was found guilty of mishandling billions of dollars worth of customer funds and defrauding investors in 2023, resulting in a 25-year prison sentence in 2024 [1]. Other A-list celebrities, including Stephen Curry, Tom Brady, Trevor Lawrence, Shohei Ohtani, Kevin O’Leary, and Gisele Bündchen, were also involved in the lawsuit, as they were accused of failing to conduct proper due diligence before promoting FTX to their followers.
O'Neal received $750,000 for endorsing FTX and initially proposed a settlement in April 2023. However, the amount was undisclosed at that time [2]. The settlement is still pending approval from the court.
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Sources:
1- Bankman-Fried Sentenced to 25 Years in Prison2- O'Neal Settles FTX Lawsuit In April 2023
Highlight: Crypto Glossary
- Cryptocurrency: A digital or virtual currency that uses cryptography for security
- Exchange: A digital platform where users can buy, sell, or exchange cryptocurrencies
- Endorsement: A public statement by a well-known person to promote a product or service
- Settlement: An agreement reached between parties to resolve a dispute outside of court
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- Shaquille O'Neal, the NBA Legend, has agreed to a $1.8 million settlement for promoting the now defunct cryptocurrency exchange, FTX, which went bankrupt in 2022.
- The settlement follows allegations that O'Neal, along with other celebrities like Stephen Curry and Tom Brady, failed to conduct proper due diligence before promoting FTX to their followers.
- In the wake of this settlement, it serves as a reminder for investors to be cautious when investing in altcoins, especially those endorsed by celebrities, and to always do thorough research before making any investment decisions in the cryptocurrency market.
