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Shaquille O’Neal It will pay seven figures to resolve the collective claim against FTX that also appointed other high -profile athletes.
O’Neal will pay $ 1.8 million after he was accused of promoting cryptocurrency since the disappearance as a good reputable and reliable investment option through paid endorsements.
The legendary Marshal of the NFL Tom Brady and the NBA star Stephen Curry, as well as David Ortiz, Shohei Ohtani, Naomi Osaka and Trevor Lawrence were also appointed in the lawsuit as “parts that controlled, promoted, attended and actively participated in the FTX and FTX US” transactions.
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Shaquille O’Neal walks on the network before the F1 Grand Prix. UU. In Circuit of the Americas on October 24, 2021, in Austin, Texas. (Jared C. Tilton / Getty images / getty images)
O’Neal promoted the company in June 2022, but said it had been “only a spokesman paid for a commercial.”
FTX was the third largest cryptocurrency change, but ended with billions of dollars in losses and had to seek bankruptcy protection. The company and Bankman-Fried were investigated by the state and federal authorities for allegedly investing the funds of the depositors in companies without their approval.
Brady invested $ 30 million in FTX and was an “ambassador” for the platform before the exchange was put in November 2022, which made him lose the funds, according to a report by The New York Times last year.
The founder of FTX, Sam Bankman-Fried, was sentenced to 25 years in prison. Judge Lewis A. Kaplan said he had found that FTX clients had lost $ 8 billion, FTX capital investors had lost $ 1.7 billion and lenders before the Alameda Bankman Funded investigation coverage fund they had lost $ 1.3 billion.
The former FTX chief, Sam Bankman-Fried, leaves the Federal Justice Palace after a bail hearing before his October trial, in New York City on July 26, 2023. (Angela Weiss / AFP through Getty Images / Getty Images)
Bankman-Fried was convicted in November 2023 for two electronic fraud charges and five conspiracy charges after the collapse of his Crypto Empire FTX in November 2022, which has been compared with Enron. The exchange had merged the assets with the Alameda Research sister coverage fund in the midst of cash problems, which led to the waves of clients to withdraw funds. Bankman-Fried was accused the following month.
Bankman-Fried, which capitalized an increase in Bitcoin and at one time accumulated an estimated fortune of $ 26 billion, is also ordered that restitution be ordered.
The former CEO of FTX, Sam Bankman-Fried, arrives at a bail hearing at the Federal Court of Manhattan on August 11, 2023 in New York City. (Michael M. Santiago / Getty images / getty images)
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Shortly after cryptography exchange was sank, the Miami Heat’s Arena, previously known as FTX Arena, was renamed. O’Neal played four seasons with the Heat, winning a championship in 2006.
Greg Norman, Suzanne O’Halloran of Fox Business, and The Associated Press contributed to this report.
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