Shaquille O’Neal, the basketball legend turned TV analyst, is now embroiled in two separate lawsuits related to the cryptocurrency sector on Tuesday, May 23, during a live NBA broadcast.
O’Neal was handed legal documents concerning his association with the now-defunct cryptocurrency exchange FTX and his NFT initiative, Astrals, at Miami’s Kaseya Arena. Notably, the venue was previously known as FTX Arena.
The first lawsuit involves O’Neal who endorsed FTX. The plaintiffs accuse the defendants of promoting a financial platform that later fell into bankruptcy.
The second lawsuit focuses on O’Neal’s involvement in Astrals, an NFT project launched in 2022. The plaintiffs assert that the Astrals NFTs were unregistered securities, with the value of the tokens tied closely to O’Neal. The suit alleges that the project misled investors and that O’Neal, along with his son Myles and business partner Brian Bayati, violated securities laws.
