Basketball icon Shaquille O’Neal has agreed to pay $1.8 million to settle a lawsuit tied to his promotion of the now-bankrupt crypto alternate FTX, based on new courtroom filings.
The settlement comes almost two years after FTX collapsed beneath the management of Sam Bankman-Fried, who misused buyer funds and misled traders.
The settlement was reached after extended negotiations, constructing on earlier mediation efforts. Whereas the phrases have been finalized between the events, the courtroom nonetheless must approve the deal. O’Neal is predicted to pay the agreed quantity inside 30 days of official approval.
The case is a part of a broader class motion lawsuit filed in 2022, focusing on a roster of high-profile celebrities and athletes who publicly endorsed FTX with out conducting due diligence. Different defendants embody Stephen Curry, Tom Brady, Gisele Bündchen, Trevor Lawrence, and Kevin O’Leary.
O’Neal reportedly acquired $750,000 for his function in selling the crypto platform. He initially reached a confidential settlement in April, however the quantity has now been disclosed on this newest submitting.
Bankman-Fried, who was convicted in 2023, is serving a 25-year sentence following some of the high-profile fraud circumstances in latest monetary historical past.
With over 8 years of expertise within the cryptocurrency and blockchain business, Alexander is a seasoned content material creator and market analyst devoted to creating digital belongings extra accessible and comprehensible. He focuses on breaking down complicated crypto developments, analyzing market actions, and producing insightful content material aimed toward educating each newcomers and seasoned traders. Alexander has constructed a status for delivering well timed and correct evaluation, whereas holding an in depth eye on regulatory developments, rising applied sciences, and macroeconomic developments that form the way forward for digital finance. His work is rooted in a ardour for innovation and a agency perception that widespread schooling is essential to accelerating world crypto adoption.
