Shaq Settles Astrals NFT Class-Action Lawsuit for $11 Million

Ex-basketball player Shaq may be making his way out of Astral NFTs class-action lawsuit, but not without writing a big cheque.

NBA legend Shaquille O’Neal is reportedly nearing the end of his legal troubles regarding the failed NFT project, Astrals. According to recent reports, O’Neal has agreed to pay $11 million to settle a class-action lawsuit over his involvement in promoting the non-fungible tokens (NFTs).

The lawsuit, filed back in May 2023, alleged that O’Neal played a key role in founding and promoting the Solana-based Astrals NFT project, which was accused of offering and selling unregistered securities. Several investors were allegedly drawn to the project due to O’Neal’s celebrity status, but the assets later crashed in value, leading to significant financial losses for the plaintiffs.

With the $11 million settlement, the class-action lawsuit will be dismissed, finally concluding the year-long legal saga that has followed the basketball legend. The reports also mentioned that O’Neal is working to resolve a separate lawsuit related to his involvement with the defunct crypto exchange FTX.

O’Neal is among the several celebrities who faced legal troubles due to their involvement with FTX, which collapsed in late 2022.

Shaq’s troubles in the Astrals NFT saga highlight the broader trend of celebrities getting involved in crypto projects.

This year has seen a surge in celebrities and influential figures entering the crypto and blockchain industry, aiming to capitalize on the market hype for quick financial gains. Several high-profile names have attached their credibility to projects, ranging from flashy promotions to dubious endorsements.

Notable figures like Lionel Messi, Caitlyn Jenner, Cardi B, and Andrew Tate, among others, have been involved in their own respective projects this year, each facing varying degrees of controversy.

However, the mere involvement of celebrities in these projects is not the issue. The credibility and longevity of these ventures are what matter, as most fail to deliver on their promises and quickly vanish, leaving lasting scars on those who trusted their celebrity backers.

This troubling pattern of flashy promotions followed by deep crashes has damaged the reputations of these figures, serving as a reminder for investors to exercise caution.