Shaquille O’Neal has agreed to pay $11 million to settle a class action lawsuit brought by holders of the Astrals NFT collection.

The settlement, submitted as an unopposed proposal on Monday in a Florida district court, is now pending approval by Judge Federico Moreno. If granted, it will resolve allegations that he promoted unregistered securities.

The Lawsuit

The Astrals NFT project featured 10,000 digital collectibles designed by artist Damien Guimoneau. These NFTs offered users a virtual platform to socialize and interact, including opportunities to engage with basketball legend Shaquille O’Neal. The collection also introduced an associated cryptocurrency called Galaxy.

Court documents show that O’Neal, the project’s lead celebrity promoter, leveraged his fame to attract investment into the Astrals NFTs and Galaxy token. To promote the project, he used various tactics, including performing as “DJ Diesel” at events where Astrals imagery was displayed.

The Hall of Fame athlete is famously known for sharing the popular Wolf of Wall Street “I’m not f***ing leaving” meme on Astrals’ Discord channel, urging investors to hold onto their tokens. This occurred even as the broader NFT and cryptocurrency markets experienced significant declines, fueled by events like the FTX collapse.

These actions led investors to file a class action lawsuit against O’Neal in a Florida district court. However, the athlete sought the dismissal of the claims.

NBA Star Agrees to $11 Million Settlement

According to the original complaint, the 52-year-old and his son launched the Astrals NFT collection in March 2022. Investors alleged that O’Neal’s promotion of these NFTs and the Galaxy cryptocurrency was instrumental in their decision to invest.

Legal proceedings began in May 2023, with plaintiffs alleging that O’Neal knew the NFTs were unregistered securities but promoted them regardless to further his cryptocurren