Shaquille O’Neal in More Hot Water due to his NFT Collection
Shaquille O'Neal has a history with cryptocurrencies. But it doesn't seem like it's the kind he would want to have.
Earlier, Gagarin News reported about Shaquille O'Neal's troubles regarding his participation in a 2021 FTX commercial. In it, he posed as “an unidentified” man, doing a little bit of this and that, with a distorted voice and a wig. And was slammed with a lawsuit for unlawful promotion of crypto after FTX imploded.
Yet, it appears that there’s much more to this story as O’Neal is facing more legal troubles. An amended complaint was filed on Thursday and the federal class action lawsuit against his NFT project Astrals. It includes deleted videos and tweets scattered through websites like archive.org.
The filing, which contains 111 pages of detailed explanation, also alleges that O’Neal violated securities laws when offering Solana-based assets and an associated token.
The counselor representing the plaintiffs is the Moscovitz law firm. The company’s managing Partner Adam Moskowitz hailed the new filing.
“People applied and Judge [Federico] Moreno selected our clients to be the lead plaintiff,” he said. “That's a big, big development because now it means that they basically run the show for all of the investors, and they've selected us to be class counsel.”
“People applied and Judge [Federico] Moreno selected our clients to be the lead plaintiff,” he said. “That's a big, big development because now it means that they basically run the show for all of the investors, and they've selected us to be class counsel.”
According to Moscowitz, O’Neal kept in touch with Astral team members weekly if not daily.
“What we've put in this amended complaint is a much more extensive proof about how personally involved Shaquille O’Neal, his business partner, and his son were in Astrals,” he said. “It’s much more than we ever expected.”
The complaint also notes that the moment the FTX exchange imploded O’Neal who was tracked down in May during one of the NBA games, had intimate ties to Astrals and that the project's value was "linked almost entirely to O'Neal's celebrity status."
But not long after cryptocurrency exchange FTX—which O'Neal had endorsed—collapsed last November, the hoops legend allegedly disappeared from the Astrals community.
Previously, Gagarin News reported about Mirror Trading International’s obligation to pay $1.7 billion.
