Shaquille O’Neal to Defend Claims in Unregistered Astral NFT Case

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Case History
  2. Court's Decision
  3. Current Situation


    4. Former professional basketball player Shaquille O’Neal has faced a lawsuit concerning unregistered NFTs of the Astral project. The case has been ongoing for over a year, and O’Neal will now need to address the claims.

    Case History

    The lawsuit, which started over a year ago, raises claims against O’Neal regarding unregistered securities that he promoted online. The current suit alleges that Astral and Galaxy tokens are securities that were not registered under federal laws.

    Court's Decision

    In an order dated August 16, Miami federal court judge Federico Moreno found that the plaintiffs properly alleged O’Neal to be a 'seller' of the Astral NFT project. The judge rejected the claims that O’Neal controlled the project. Additionally, the court acknowledged that the plaintiffs sufficiently alleged that Astral and Galaxy tokens are securities under federal law.

    Judge Moreno wrote that the lawsuit 'sufficiently alleged that Astral and Galaxy tokens are securities subject to federal securities laws.'Federico Moreno

    Current Situation

    O’Neal’s lawyers argue for the case's dismissal, claiming he is neither a 'seller' nor a 'control person' of the project and that the NFTs and Galaxy tokens are not securities under U.S. law. Currently, Astral tokens are valued at approximately 0.106 SOL, equivalent to around $15.50 on the Magic Eden marketplace.

    Shaquille O’Neal must respond to the lawsuit's claims by September 12. O’Neal's representatives have not yet commented on the case.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

JP Morgan Asset Management Launches Tokenized Money Market Funds on Solana

JP Morgan Asset Management has launched two tokenized money market funds, MONY and JLTXX, on the Solana blockchain for qualified US investors.

user avatarZainab Kamara

Bitwise Dogecoin ETF Reaches Liquidation Distribution Date

The Bitwise Dogecoin ETF has reached its announced liquidation distribution date on October 22, with remaining shareholders set to receive cash based on the fund's net asset value.

user avatarSon Min-ho

Solayer Pay Launches Direct Stablecoin Deposits for Enhanced User Experience

Solayer Pay has launched a feature allowing direct stablecoin deposits from five major blockchain networks, simplifying the funding process for users.

user avatarAyman Ben Youssef

CMCC Global Introduces Tokenized Fund Strategies

CMCC Global is introducing two fund strategies as tokenized securities through Tether's Hadron infrastructure and Bitfinex Securities under El Salvador's regulations.

user avatarTando Nkube

Senator Blumenthal Investigates Tether's Payments to Consultancy

Senator Blumenthal investigates Tether's payments to consultancy Nxum over potential ethics concerns.

user avatarKofi Adjeman

Blockchain Association Pushes for Crypto Tax Legislation

The Blockchain Association advocates for bipartisan changes to cryptocurrency tax regulations, seeking a de minimis exemption for small transactions and clarity in tax reporting for digital asset users.

user avatarNguyen Van Long

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.