The NBA legend, Shaquille O’Neal, agreed to pay $ 1.8 million to resolve a collective claim filed by investors in the collapsed Crypto Exchange FTX, according to several media reports this week.
Investors claim that O’Neal cheated them when appearing in ads for the exchange of collapsed cryptocurrencies. According to reports, the payment is approximately $ 1 million more than the $ 750,000 O’Neal was paid for its role in a FTX commercial.
The former basketball star was among several celebrities, including Tom Brady and Larry David, who were demanded to promote the exchange before their collapse at the end of 2022.
O’Neal has argued that he was simply an actor paid in the announcement, saying that after the collapse of the exchange he was “only a spokesman paid for a commercial.”
If the agreement is approved, O’Neal will be released from all future claims linked to the claim. You will not be allowed to seek the refund of the FTX bankruptcy heritage and will not have to admit any irregularity, according to the CNBC report.
The demand was filed on behalf of the FTX users who deposited funds between May 2019 and the end of 2022, before the dramatic failure of the company.
The founder of FTX, Sam Bankman-Fried, was sentenced to 25 years in prison for defrauding customers and investors. His prayer could be cut for more than four years.
