Basketball legend Shaquille O’Neal’s multimillion-dollar fortune has taken a hit due to a major cryptocurrency scam involving the now-defunct FTX platform, for which the former NBA star served as a public face alongside other professional athletes and celebrities in the U.S.
Shaquille O’Neal to Pay Millions in Settlement Over FTX Crypto Promotion
According to Forbes , O’Neal has agreed to a $1.8 million settlement in a class-action lawsuit stemming from his promotion of FTX, a digital currency exchange platform that has since collapsed.
O’Neal was one of several high-profile figures who endorsed the company before its dramatic downfall.
FTX, once valued at $32 billion according to Bloomberg , declared bankruptcy, and the celebrities who lent it credibility are now facing legal consequences.
The class-action lawsuit claims that O’Neal and others actively promoted FTX, misleading the public about its legitimacy.
Though O’Neal denies any wrongdoing, he agreed to pay $750,000 in cash and $1.05 million in stock to settle the case out of court.
In addition to O’Neal, the lawsuit also names other celebrities such as NFL legend Tom Brady and supermodel Gisele Bündchen, who held equity stakes worth $48 million.
NBA superstar Stephen Curry, NFL quarterback Trevor Lawrence, tennis champion Naomi Osaka, and comedian Larry David are also listed as brand ambassadors in the lawsuit.
O’Neal Targeted By Instagram _Hackers_
Despite having a verified account, O’Neal recently became the victim of a hacking incident on Instagram.
Unauthorized users accessed his profile and posted two suspicious images promoting what appeared to be a gambling site.
The posts, which contained no captions, featured screenshots showing exaggerated winnings and promoted the account @mrsjoyce_, which falsely promised massive returns in what appeared to be a scam targeting unsuspecting users.
