Shaquille O’Neal Settles $11M Lawsuit Over Astrals NFT Promotion

NBA legend Shaquille ‘Shaq’ O’Neal has agreed to pay $11 million to settle a lawsuit over his Astrals Non-Fungible Token (NFT) promotion. A judge in Florida approved the deal on April 8, ending a legal case that accused him of promoting unregistered digital investments. How The NFT Lawsuit Started The case started in May 2023 when plaintiff Daniel Harper sued Shaquille O’Neal. He said O’Neal used his fame to promote the Astrals NFT collection. These NFTs, built on the Solana blockchain, were part of a virtual platform where people could meet and interact. Harper claimed that O’Neal’s involvement led many buyers to invest in these digital assets. According to the lawsuit, the NBA star was chatting actively on the project’s Discord channel and posting memes. Fast-forward to 2022 and 2023, when the NFT market crashed. Astra’s value dropped significantly, and investors were left with big losses. The lawsuit said O’Neal’s promotions were misleading, and he was helping sell digital assets, mainly unregistered securities. O’Neal Agreed To The $11 Million Settlement Deal After months of legal debate, O’Neal settled in November 2023. Recently approved by the court, the settlement allocates $11 million to eligible buyers who bought Astrals NFTs between May 2022 and January 2023. The court said O’Neal could be considered a direct seller of the NFTs, which helped lead to the settlement. This decision ended the case and will help buyers regain some lost money. Shaq’s Continued Legal Troubles in the Crypto Space This is not the first time Shaquille O’Neal has faced cryptocurrency-related legal challenges. He is also involved in an ongoing lawsuit for promoting the now-defunct FTX crypto exchange . Lawyers reportedly had trouble finding him to give him court papers, but he was finally served at a Miami Heat game in May 2023. While this settlement ends one legal matter, Shaq’s name remains linked to other crypto lawsuits. The outcome of these cases could remind celebrities about the risks involved in promoting digital assets and securities without proper registration. The post Shaquille O’Neal Settles $11M Lawsuit Over Astrals NFT Promotion appeared first on TheCoinrise.com .

Source: The Coin Rise