FTX ‘Targeting’ Shaquille O’Neal And Others For More Than $1,000,000 To Be Returned Using Chapter 11 Filing Excuse

Nithin Joseph | 09/09/2023
FTX 'Targeting' Shaquille O'Neal And Others For More Than $1,000,000 To Be Returned Using Chapter 11 Filing Excuse

FTX is a company that made a name for itself as a cryptocurrency exchange and crypto hedge fund. However, they now find themselves in quite a bit of trouble after filing for bankruptcy. This has thrown many celebrities along with a few athletes they were associated with in hot water. The likes of Shaquille O’Neal, Tom Brady, Stephen Curry, and more have all been lambasted for their association to the company. But now, things have gone from bad to worse. According to Bloomberg, FTX is probing the possibility of getting back more than $1,000,000 from their celebrity endorsers.

Steph Curry was one of the first few NBA superstars to publically endorse FTX. This started a movement that saw several other NBA stars and legends hop on board. One of them was Shaq, who like the Baby-Faced Assassin, did a commercial for the crypto company. However, with the company’s downfall, the Hall of Famer has distanced himself as far as possible. But, that hasn’t stopped him from joking about the situation, as he once seemed to call out Steph on live TV, for perhaps introducing him to the brand in the first place.

FTX looking to take back the millions they paid their celebrity endorsers, including Shaquille O’Neal

FTX is currently fighting a multi-million dollar lawsuit after filing for bankruptcy. Their case has been going on for months now, and as time passes, their ability to fund their fight only diminishes. As such, the company is probing the possibility of recovering some of their finances and this has led to them targeting their celebrity endorsers.

Since its formation, FTX has built a strong roster of celebrity endorsers. Chief among them are the likes of Stephen Curry, Naomi Osaka, Tom Brady, and Shaquille O’Neal. But, in light of their current situation, the company is looking to take back the millions of dollars they paid them.

This justification comes from their belief that the payments they made to their endorsers came before they filed for Chapter 11, or bankruptcy. They hope that they can recover the millions they spent, so as to continue fighting their lawsuit.

As of now, there is no indication that the company will be able to proceed with this recovery. However, it will certainly put the spotlight back on the likes of Shaq and other endorsers. With the payments they’ve received from FTX now being disclosed, there is no telling what could happen in the coming weeks.

Shaq was accused of avoiding being served by lawyers with regard to the FTX case

According to reports, Shaquille O’Neal was desperately trying to avoid being served for the FTX case. He was accused of deliberately hiding from lawyers for months, as they even stood outside TNT studios to serve him. However, he couldn’t avoid them for long as he was finally served a few months ago.

Shaq has vehemently denied having a stake in the company. He claims that he has only ever been a spokesperson for FTX and nothing more. However, now that he has been served, further details about his involvement may come up. Hopefully, it is as Shaq says, and that his involvement with the company was minimal.

Post Edited By: Tonoy Sengupta
Shaquille O'Neal

About the author

Nithin Joseph

Nithin is a content writer at The SportsRush. Like his favorite athlete Kobe Bryant, the company has helped Nithin elevate his writing skills to a whole new level, especially as an NBA content writer. With over 1500 articles to his name, Nithin's love for the sport knows no bounds. And, as he continues to watch the sport on a daily basis, he hopes his fascination with the NBA, especially the Miami Heat will inspire more and more readers to give the sport a chance. Perhaps, one day making basketball in India as big as it is in the United States.

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