Shaquille O’Neal is one of the nicest people in the world. But, he is no stranger to the occasional lawsuit. In particular, Shaq was called out as an investor in FTX, the cryptocurrency company that went bankrupt after $8.9 billion went missing. Well, Big Diesel may have found himself in hot water once again. The Hall of Famer, who served as a brand ambassador for FTX is now being sued for yet another “dicey crypto” currency. This time, as per the Hollywood Reporter, it has to do with his own company, the Astral Project.
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Given how things went with FTX, one would assume that Shaq would be a bit more wary. But, his desire to grow his “crypto empire” coupled with the aforementioned scandal has put him in quite the pickle.
Shaquille O’Neal sued over Astral Crypto ownership in wake of FTX scandal
Shaquille O’Neal has been a man on the run, at least in the crypto space. Lawyers have been on the hunt for The Big Aristotle ever since his association with FTX became apparent.
When questioned about said association, the four-time NBA Champion has denied it time and time again. The most he admitted to is being a “paid spokesperson.” But, now this has come back to haunt him.
As per a proposed class action suit filed in Florida, O’Neal violated securities laws by selling unregistered Astral tokens. The cryptocurrency is associated with the Astral Project, which he launched with his son Myles and his music manager Bryan Bayati.
In celebration of @Astrals_NFT launching ASTRAPON 🎉
I will be giving away 3 Astrals NFTs
Rules: RT + Like this tweet🤝
If you’re feeling lucky come play with us👇 pic.twitter.com/H3LBNY3BPx
— SHAQ (@SHAQ) August 28, 2022
This could have a major impact on Shaq as a whole. This coupled with the FTX scandal could spell doom for the big man.
Shaq’s net worth could be significantly impacted by a lawsuit
The outcome of the crypto lawsuit could have financial ramifications for Shaq’s net worth. If the court finds him liable or if a settlement is reached, Shaq may face substantial monetary damages. Such a financial hit could impact his overall net worth, considering his investments, endorsement deals, and other business ventures.
However, it is important to note that Shaq’s vast real estate holdings, brand value, and ongoing partnerships may help mitigate the impact of the lawsuit to some extent.
