Shaquille ONeal sued for promoting Astrals NFTs

Shaquille ONeal sued for promoting Astrals NFTs

Shaquille O’Neal faces legal trouble for promoting his Astrals NFT project, with investor Daniel Harper filing a proposed class action against him for violating securities laws by selling unregistered Astrals tokens.

The NBA legend Shaquille O’Neal is facing another crypto-related lawsuit. Only this time, it concerns his own Non-Fungible Token (NFT) project, Astrals.

O’Neal is one of a coterie of high-profile cryptocurrency endorsers and promoters to land in legal trouble. To hear O’Neal tell it, he has simply acted like paid endorses for any product or service you can potentially see on Television. How much merit do the latest states have?

Shaquille O’Neal Sued

An American basketball legend, Shaquille O’Neal faces ongoing legal difficulties for his ties to the cryptocurrency industry. Despite the fact, as related in a May 23 Hollywood Reporter story, this time the previous NBA star is in trouble for promoting his Astrals NFT.

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Investor Daniel Harper filed a proposed class action in Florida federal court on Tuesday. Harper accuses O’Neal of violating securities laws by selling unregistered Astrals crypto tokens. He contends that the previous NBA star disregarded potential regulatory concerns over the sale of unregistered cryptocurrency securities. O’Neal denies any wrongdoing.

A year ago, O’Neal created his Astrals Non-Fungible Token (NFT) project alongside his music manager, Brian Bayati, and his son, Myles O’Neal. The team has partnered with Solana (SOL) Labs for the deal. The collection includes 10,000 “metaverse-ready” 3D avatars designed by artist Damien Guimoneau.

O’Neal Under Fire

O’Neal is likewise under fire for his connection to the disgraced FTX Trading Ltd exchange. The complaint names the basketball star between plenty of celebrity defendants. Others include NFL icon Tom Brady, tennis star Naomi Osaka, and comedian Larry David.

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The complaint states that by using the FTX Trading Ltd platform, customers engaged in buying and selling “unregistered securities” regulated by the SEC. Consequently, O’Neal and other celebrity backers were required to disclose their financial agreements with FTX Trading Ltd. The complaint likewise argues that celebrity ambassadors like O’Neal are “ in charge of the numerous billions of dollars in damages they caused.”

O’Neal featured in ads for FTX Trading Ltd, but has tried to distance himself from the company by asserting that he was merely a paid spokesperson. Acting the same way as others who appear in ads for numerous products.

Nonetheless, a dispute has arisen in the ongoing case regarding states that he has been evading efforts to serve him with legal papers. Opposing lawyers assert to have been trying to deliver the documents to O’Neal for plenty of months. The NBA star has rejected these allegations.

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The previous  30 days, defense lawyers requested the dismissal of the case. The defense argues that if the investors’ claim holds true, it would imply that actors in any brokerage advertisement may be held accountable for selling any financing purchased by a user through the brokerage. Celebrities have rejected this notion as completely meritless.

O’Neal has been in the Non-Fungible Token (NFT) game since as early as 2021. He caused a stir when he changed his Twitter profile picture to the Ethereum-based Creature World Non-Fungible Token (NFT). The resulting hype lead to a remarkable 1,164 percent surge in sales volume during a twenty-four-hours.


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