• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

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

user avatar

by Giorgi Kostiuk

2 years ago

  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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Balaji Srinivasan Highlights Zcash's Scalability and Privacy Benefits

chest

Balaji Srinivasan highlights Zcash's scalability and privacy benefits, advocating for its potential growth in the cryptocurrency market.

user avatarDiego Alvarez

Balaji Srinivasan Makes Case for Zcash in Fight Against Surveillance

chest

Balaji Srinivasan argues that Zcash is essential to protect privacy in the face of increasing AI-enabled surveillance, framing the choice as Zcash or communism.

user avatarElias Mukuru

XRP Ledger Launches Permissioned DEX to Boost Institutional Adoption

chest

The XRP Ledger has activated the Permissioned DEX amendment to enhance compliance for institutional trading.

user avatarKenji Takahashi

Australian Executive Faces Sentencing for Selling Cyber Tools to Russia

chest

Peter Williams, an Australian executive, pleaded guilty to selling sensitive cyber tools to a Russian broker, raising concerns about intelligence security among Five Eyes allies.

user avatarMaria Fernandez

Cardano Sees Significant Drop in Project Launches

chest

The Cardano network has seen a significant decline in project launches since 2021, raising concerns about future development and focusing on long-term adoption.

user avatarGustavo Mendoza

Potential Fractal Pattern Offers Hope for Ethereum's Recovery

chest

A fractal pattern suggests a potential for a larger breakout in Ethereum's price movement, indicating a transition from accumulation to markup.

user avatarRajesh Kumar

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.