NBA icon Shaquille O'Neal has agreed to a $11 million settlement in a lawsuit concerning the Astrals NFT collection, tied to allegations of promoting unregistered securities.
Claims Against O'Neal
The lawsuit accused O'Neal of promoting unregistered securities linked to the Astrals NFT project on Solana, utilizing his celebrity status to attract investment.
Legal Proceedings and Ruling
Investors, left with devalued tokens after market downturns, filed a class-action lawsuit. Miami District Judge Federico Moreno ruled the Astrals NFTs functioned as securities. The $11 million settlement awaits approval to provide compensation and cover legal fees.
Involvement with Other Crypto Figures
O'Neal is also involved in consolidated litigation connected to FTX, featuring alongside other celebrities like Tom Brady in promotional ads.
This settlement highlights the legal responsibilities of celebrities in the cryptocurrency space and serves as a reminder of the potential risks involved in digital asset investments.
