Basketball star Shaquille O'Neal is set to pay $1.8 million to settle a lawsuit connected to his promotion of the crypto exchange FTX.
Details of the Lawsuit
The lawsuit against Shaquille O'Neal was filed in November 2022 and stemmed from his participation in the FTX campaign titled “FTX: I Am All In,” where he was nicknamed “Shaqtoshi.” He was formally served in 2023 after several attempts to reach him. The lawsuit accused him of misleading investors.
Settlement and Future Actions
It has been announced that O'Neal has agreed to pay $1.8 million to resolve the lawsuit. If approved by the court, the funds will go towards compensating investors. This will also clear O'Neal from all future liabilities related to FTX and prohibit him from seeking reimbursement from the exchange's bankruptcy estate.
FTX Situation and Consequences
FTX is in the process of repaying customers and investors affected by its collapse in 2022. On June 10, 2025, the exchange announced a partnership with Payoneer to process creditor settlements. FTX’s founder, Sam Bankman-Fried, is currently serving a 25-year prison sentence for his role in the collapse.
The settlement involving Shaquille O'Neal marks an important step in the recovery process for FTX, which continues to impact the crypto market after its significant collapse.
