Shaquille O’Neal Secures Partial Win in Astrals NFT Legal Battle, but the Fight Continues
NBA legend Shaquille O’Neal, or Shaq, is facing allegations in a class-action lawsuit regarding his involvement in the Astrals non-fungible token project.
According to Coindesk, a U.S. court has partly granted and partly dismissed a class action lawsuit against O’Neal related to the NFT project. The lawsuit revolves around a collection of 10,000 NFT 3D avatars and the decentralized autonomous organization for fostering innovative projects.
The lawsuit accuses O’Neal, who was the face of Astrals, of enticing investors to join the project and then abandoning it after the collapse of the FTX cryptocurrency exchange, leading to a significant decline in Astrals’ financial products’ value.
The U.S. District Court for the Southern District of Florida, Miami Division, dismissed the claim that O’Neal was a “control person” but upheld the assertion that Astrals sold unregistered “securities.”
The ongoing legal battle, lasting over a year, stemmed from Daniel Harper’s claim that O’Neal was aware of potential regulatory issues surrounding unregistered securities but still promoted them to expand his cryptocurrency business.
Previously, O’Neal was sued for allegedly promoting FTX, the trading platform that went bankrupt in 2022. O’Neal clarified his involvement as being a paid spokesperson for a commercial.
Aside from O’Neal, soccer star Cristiano Ronaldo is also tangled in legal issues with NFTs, facing a $1 billion class-action lawsuit for allegedly endorsing investments in unregistered securities on Binance.
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