The NBA legend Shaquille O’Neal is facing another crypto-related lawsuit. Only this time, it concerns his own NFT project, Astrals.

O’Neal is one of a coterie of high-profile crypto endorsers and promoters to land in legal trouble. To hear O’Neal tell it, he has simply acted like paid endorses for any product or service you might see on TV. How much merit do the latest claims have?

Shaquille O’Neal Sued

An American basketball legend, Shaquille O’Neal faces ongoing legal difficulties for his ties to the crypto industry. Although, as related in a May 23 Hollywood Reporter story, this time the former NBA star is in trouble for promoting his Astrals NFT.

Investor Daniel Harper filed a proposed class action in Florida federal court on Tuesday. Harper accuses O’Neal of violating securities laws by selling unregistered Astrals tokens. He contends that the former NBA star disregarded potential regulatory concerns over the sale of unregistered crypto securities. O’Neal denies any wrongdoing.

Last year, O’Neal created his Astrals NFT project alongside his music manager, Brian Bayati, and his son, Myles O’Neal. The group has partnered with Solana Labs for the venture. The collection includes 10,000 “metaverse-ready” 3D avatars designed by artist Damien Guimoneau.

O’Neal Under Fire

O’Neal is also under fire for his connection to the disgraced FTX exchange. The complaint names the basketball star among several celebrity defendants. Others include NFL icon Tom Brady, tennis star Naomi Osaka, and comedian Larry David.

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Author: Josh Adams

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