Shaq Pays $1.8 Million to End FTX Lawsuit and Close His Crypto Chapter
So here’s what’s going on with Shaquille O’Neal, and yeah—it’s kind of a big deal. The NBA legend just wrote a $1.8 million check to settle a class-action lawsuit over his involvement with the now-defunct cryptocurrency exchange, FTX. It’s the kind of story that really marks the end of an era—when celebrity power was enough to boost a brand, even in risky territory like crypto.
Now, if you remember, Shaq wasn’t the only A-lister caught in the FTX mess. The lawsuit also named Tom Brady, Gisele Bündchen, Steph Curry, Naomi Osaka, and even Larry David. Some of them have already had claims dropped, but Shaq decided to settle. Why? Because he was actively promoting FTX through various marketing campaigns, including using his platform at events like “Shaq’s Fun House.” He was reportedly paid $750,000 for his endorsement.
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The lawsuit painted him as a key influencer who presented FTX as a trustworthy and legit option in the crypto world. But we all know how that turned out—FTX filed for bankruptcy in late 2022, after it was revealed they were playing fast and loose with customer assets behind the scenes. When the whole thing crashed, it triggered a wave of lawsuits, not just against the founder Sam Bankman-Fried, but also the celebrities who put their names behind it.
Shaq’s $1.8 million settlement, finalized and filed in the Southern District of Florida, is more than just a personal payout. It’s a wake-up call for every celebrity out there who jumped on the crypto train without fully understanding—or disclosing—the risks. And what’s wild is, Shaq once told CNBC he didn’t even understand crypto and thought it was “too good to be true.” And yet, he didn’t stay away.
But it doesn’t stop there. Shaq was also hit with another crypto-related lawsuit tied to an NFT project called Astrals, which he co-founded with his son. That one cost him $11 million. The whole thing promised some kind of metaverse dream, and when it all fell apart—especially after FTX collapsed—Shaq apparently distanced himself, leaving investors out in the cold.
So here we are. With nearly $13 million in crypto-related settlements under his belt, Shaq might be done with digital assets for good. His saga shows just how far things have shifted: celebrity endorsements in finance are no longer untouchable. If you’re going to promote something like crypto, you better know exactly what you’re backing—because fans, followers, and courts are all watching now.
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