Shaquille O’Neal is paying $1.8 million to settle a lawsuit stemming from his endorsement of the now-defunct cryptocurrency exchange, FTX.
The FTX Fallout
The lawsuit accused O’Neal, along with other big-name celebrities, of promoting FTX without properly investigating the company. FTX went bankrupt in 2022 after its CEO, Sam Bankman-Fried, was revealed to have defrauded investors and mishandled billions of dollars in customer funds. Bankman-Fried was subsequently convicted and sentenced to 25 years in prison.
Shaq’s Settlement
Court documents show Shaq agreed to the $1.8 million settlement. This money will be paid within 30 days of the court’s approval of the agreement. While he initially agreed to a settlement in April, the amount was not disclosed at the time. O’Neal received $750,000 from FTX for his endorsements.
Other Celebrities Involved
O’Neal wasn’t the only celebrity caught up in the FTX fallout. Other high-profile individuals, including Stephen Curry, Tom Brady, Trevor Lawrence, Shohei Ohtani, Kevin O’Leary, and Gisele Bündchen, also faced accusations of insufficient due diligence before endorsing the platform. They are also involved in the class-action lawsuit.
Disclaimer: This information is for general knowledge and does not constitute financial advice. Always conduct your own thorough research before making any investment decisions.
/p>