{"id":100072,"date":"2024-11-19T21:30:53","date_gmt":"2024-11-20T01:30:53","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=100072"},"modified":"2024-11-19T21:32:00","modified_gmt":"2024-11-20T01:32:00","slug":"shaquille-oneal-to-pay-nft-lawsuit-settlement","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/shaquille-oneal-to-pay-nft-lawsuit-settlement\/","title":{"rendered":"Shaquille O\u2019Neal to Pay $11M NFT Lawsuit Settlement"},"content":{"rendered":"\n

In order to settle a lawsuit brought by holders, NBA legend Shaquille O'Neal has agreed to pay $11 million to the Astrals NFT collection<\/a>.\u00a0<\/p>\n\n\n\n

\"Shaquille
Shaquille O\u2019Neal to Pay $11M NFT Lawsuit Settlement<\/figcaption><\/figure>\n\n\n\n

Hall-of-Famer O\u2019Neal reached the settlement after allegations that he promoted unregistered securities tied to the Astrals non-fungible token project<\/a> on Solana.\u00a0<\/p>\n\n\n\n

According to court records, O'Neal, the collection's main celebrity, leveraged his notoriety to draw investment into Astrals NFTs. <\/p>\n\n\n\n

The case draws attention to the flood of pop culture personalities that entered web3 venues during the 2019 NFT boom. <\/p>\n\n\n\n

However, many investors were left with depreciated tokens by the market slump\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> in 2022 and 2023, and they vented their fury on Discord servers. <\/p>\n\n\n\n

Even as bankruptcies like FTX caused wider drops in virtual currencies and NFT markets, O'Neal famously posted the Wolf of Wall Street “I'm not f***ing leaving” joke on Astrals' Discord, urging holders to keep their tokens. <\/p>\n\n\n\n

In the end, Astrals NFT investors sued O'Neal in a Florida district court as part of a class action lawsuit<\/a>. <\/p>\n\n\n\n

The court moved forward with the claims in spite of his attempts to avoid subpoenas and have the case dismissed. Federico Moreno, a Miami District Judge, decided that Astrals NFTs were legally securities.\u00a0<\/p>\n\n\n\n

Galaxy, a decentralized autonomous organization token that O'Neal had previously advocated, was also mentioned in the verdict. <\/p>\n\n\n\n

Judge Moreno must approve the $11 million settlement before it can be legally enforced. Investors will be able to recoup damages and pay legal fees if the funds are accepted. <\/p>\n\n\n\n

O'Neil is also involved in a consolidated lawsuit involving the troubled cryptocurrency exchange FTX<\/a>. O'Neil and Tom Brady were among the superstars who appeared in Super Bowl commercials and other FTX promotional agreements.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In order to settle a lawsuit brought by holders, NBA legend Shaquille O’Neal has agreed to pay $11 million to the Astrals NFT collection.\u00a0 Hall-of-Famer O\u2019Neal reached the settlement after allegations that he promoted unregistered securities tied to the Astrals non-fungible token project on Solana.\u00a0 According to court records, O’Neal, the collection’s main celebrity, leveraged […]<\/p>\n","protected":false},"author":43,"featured_media":100073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62],"tags":[22897,1727,1321],"class_list":["post-100072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft-news","tag-astrals-nft","tag-lawsuit","tag-shaquille-oneal"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/croc_1732064861491.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=100072"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100072\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/100073"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=100072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=100072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=100072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}