Shaquille O’Neal has agreed to a $1.8 million settlement in a class-action lawsuit concerning his promotion of the collapsed cryptocurrency exchange FTX, according to reports from CNBC and COINOTAG News. The lawsuit alleges that O’Neal, alongside other high-profile athletes and celebrities, contributed to investor losses by endorsing the now-defunct platform. Legal documents indicate that O’Neal was formally served at his residence on April 17, compelling his appearance in federal court to address accusations related to FTX’s misleading marketing practices.
Financial disclosures reveal that FTX compensated O’Neal with nearly $750,000 for promotional activities. Other notable figures involved include tennis star Naomi Osaka, who received $308,000, NFL quarterback Trevor Lawrence with $206,000, and former MLB player David Ortiz, who was paid approximately $271,000. This settlement underscores the increasing scrutiny on celebrity endorsements within the cryptocurrency sector and highlights the legal ramifications tied to promotional conduct in digital asset markets.