Shaquille O'Neal to Pay $1.8 Million in FTX Case

• Shaquille O'Neal has agreed to settle a class-action lawsuit related to FTX.
• The settlement amount is $1.8 million, and the payment is to be made within 30 days after court approval.
• FTX filed for bankruptcy and came under investigation for suspected misappropriation of customer funds.

This was reported by Associated Press, ABC News.

Shaquille O'Neal and the Class-Action Lawsuit

Former NBA player Shaquille O'Neal will pay $1.8 million to settle a class-action lawsuit related to the bankruptcy of the cryptocurrency exchange FTX.

O'Neal, along with other celebrities such as Tom Brady and Stephen Curry, was mentioned in a lawsuit filed in 2022. They were accused of promoting FTX as a reliable investment option through paid advertising campaigns. The proposed settlement pertains only to O'Neal.

The Situation with FTX

Three years ago, FTX was the third-largest cryptocurrency exchange, but it suffered billions in losses and was forced to file for bankruptcy. The Bahamas-based company and its founder Sam Bankman-Fried came under investigation by state and federal authorities for allegedly investing customer funds without their consent.

Advertising and Consequences

Before its collapse, FTX was known for enlisting celebrities from Hollywood and sports to promote its products. It held naming rights to a Formula One team and a sports arena in Miami. Its commercials featured notable personalities such as "Seinfeld" creator Larry David, Brady, O'Neal, Curry, and tennis player Naomi Osaka.

Bankman-Fried received 25 years in prison in March 2024. Just over a month after that, FTX stated in a court document that nearly all its customers would get their money back.

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