Basketball legend and media personality Shaquille O’Neal has reached a confidential settlement with investors who accused him of promoting the now-defunct cryptocurrency exchange FTX. The agreement, revealed in an April 23 court filing in the U.S. District Court for the Southern District of Florida, is part of a sweeping $21 billion class-action lawsuit involving several celebrity endorsers of the failed platform.
O’Neal, along with other high-profile figures, was accused of leveraging his public image to boost FTX’s credibility—allegedly misleading retail investors in the process. While the terms of the settlement remain under seal, court filings suggest they will be disclosed once plaintiffs formally request preliminary approval from the court.
O’Neal’s Settlement Closes a High-Stakes Chapter in FTX Legal Saga
Shaquille O’Neal’s settlement marks the end of a particularly contentious subplot in the ongoing $21 billion investor lawsuit stemming from FTX’s collapse. The broader case names a host of celebrity promoters, financial advisors, and corporate insiders. Plaintiffs argue that these individuals played a pivotal role in legitimizing FTX, contributing to the platform’s widespread adoption prior to its implosion.
Other celebrity defendants include NFL star Tom Brady, supermodel Gisele Bündchen, investor Kevin O’Leary, and athletes Naomi Osaka, David Ortiz, and Udonis Haslem, all of whom endorsed FTX before its dramatic downfall.
O’Neal’s legal entanglement was especially noteworthy due to the prolonged effort required to serve him court papers. For months, attorneys alleged that the NBA Hall of Famer was “actively dodging” service, prompting efforts to reach him at NBA events, private residences, and even through unconventional means. The ordeal turned the service of process into a legal cat-and-mouse game that garnered national headlines.
While O’Neal’s chapter in the FTX litigation is now closing, the broader multi-district litigation continues, as courts determine the extent of legal liability among the exchange’s high-profile endorsers.
$11M Astrals NFT Settlement Adds to O’Neal’s Crypto Fallout
In addition to resolving the FTX-related case, O’Neal has also agreed to pay $11 million to settle a separate class-action lawsuit tied to the Solana-based Astrals NFT project. Plaintiffs in that case accused him of promoting unregistered securities by endorsing the digital collectibles and its associated governance token, Galaxy.
Filed in May 2023, the Astrals lawsuit claimed that O’Neal misled investors through promotional efforts surrounding the 10,000-piece NFT collection and its planned metaverse ecosystem. The case gained notoriety after O’Neal was served court papers during an NBA game at Miami’s Kaseya Center—the same arena formerly known as the FTX Arena.
In August 2024, a federal judge allowed several of the plaintiffs’ allegations to proceed, signaling the seriousness of the claims. The twin resolutions of the FTX and Astrals lawsuits highlight increasing legal pressure on celebrity endorsers tied to failed crypto and NFT ventures from the 2021–2022 bull market cycle.
Quick Facts
- Shaquille O’Neal has settled a class-action lawsuit related to his promotion of FTX; settlement terms remain confidential.
- The FTX investor class action seeks more than $21 billion in damages.
- O’Neal also paid $11 million to settle a lawsuit involving the Solana-based Astrals NFT project.
- These cases reflect growing legal scrutiny of celebrity endorsements in the cryptocurrency and NFT sectors.
