Shaquille O’Neal Settles $11M Lawsuit Over Astrals NFT Promotion

Eleven million dollars. That’s the price Shaquille O’Neal paid to settle a class-action lawsuit alleging the sale of unregistered securities through his promotion of the Astrals NFT project—a stunning blow that underscores the regulatory Wild West of the cryptocurrency market and the perilous risks of celebrity endorsements.

The lawsuit, filed in September 2023, centered on O’Neal’s promotion of Astrals, a collection of 10,000 metaverse-ready 3D avatars. Plaintiffs argued persuasively that O’Neal’s celebrity was the project’s main selling point, directly inducing investors to purchase Astrals NFTs and GLXY tokens based on his endorsement. 

Read more at News.Shib.