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Shaquille O’Neal sits at the bench sooner than the sport between the Indiana Pacers and the New York Knicks all over Game 2 of the 2025 Eastern Conference Finals at Madison Square Garden in New York City, New York, on May 23, 2025.
Jesse D. Garrabrant | National Basketball Association | Getty Images
Shaquille O’Neal has agreed to pay $1.8 million to settle claims that he misled buyers via selling the now-bankrupt crypto change FTX.
The retired NBA famous person, who as soon as instructed enthusiasts to accept as true with the platform, will unravel the allegations with out admitting wrongdoing. But the deal marks one of the most first high-profile settlements within the prison reckoning over FTX’s cave in.
The proposed agreement, filed in Florida federal courtroom, would finish a category motion lawsuit accusing O’Neal of presenting FTX as a faithful and legit funding software — specifically at are living occasions and in social media content material — whilst allegedly serving to power adoption of unregistered securities.
The elegance contains any individual who deposited cash into FTX or held its proprietary token, FTT, between May 2019 and past due 2022.
If the overseeing pass judgement on approves the deal, O’Neal’s $1.8 million payout will quilt all prison charges, understand and management prices and payouts to eligible buyers. The association additionally features a sweeping liberate from long run legal responsibility, and a provision barring him from in search of repayment from the FTX chapter property.
In quick: The take a look at he is writing is ultimate — and all-inclusive.
“We are pleased to have this matter behind us,” recommend for O’Neal stated in a remark.
Unlike different famous person defendants and previous FTX endorsers — together with Tom Brady, Gisele Bündchen and Steph Curry — whose circumstances have been in large part pushed aside, O’Neal remained entangled after a long effort to serve him prison papers.
Front Office Sports reported in February that O’Neal inked a $15 million deal to stay with TNT’s “Inside the NBA.”
O’Neal instructed CNBC in 2022 that, referring to FTX, he “was just a paid spokesperson for a commercial.”
O’Neal used to be named in a category motion lawsuit alleging that FTX’s spokespeople “either controlled, promoted, assisted in [or] actively participated” in a plot to “aggressively market” the corporate.
In previous interviews with CNBC Make It, O’Neal stated he used to be actively heading off cryptocurrency.
“I don’t understand it, so I will probably stay away from it until I get a full understanding of what it is,” he stated on the time, including: “From my experience, it is too good to be true.”
