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

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Blockchain.com and NYSE Join Forces to Launch Tokenized Trading Platform

Blockchain.com and the New York Stock Exchange have signed an agreement to develop a platform for trading tokenized US stocks and ETFs.

user avatarLeo van der Veen

Circle Launches StableFX for Onchain Foreign Exchange

Circle has launched StableFX, a service for institutions to exchange stablecoin-denominated currencies on its blockchain, Arc, enabling 24/7 currency exchanges and improving foreign exchange efficiency.

user avatarLi Weicheng

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.