Shaquille O’Neal Faces New Lawsuits Over FTX and NFT Promotions

Shaquille O’Neal: From Slam Dunks to Legal Hurdles

The towering basketball legend Shaquille O’Neal is no stranger to challenges, both on the court and off. This time, however, it’s not another championship ring that he’s vying for; it’s a courtroom win. O’Neal has found himself in the crosshairs of multiple lawsuits stemming from his ties to the notorious cryptocurrency exchange FTX. But wait, there’s more! He’s now also being accused of promoting an NFT project that might have some questionable legality.

Process Serving: The Ultimate Game of Hide and Seek

Forget the paint and three-point shots; the latest drama involves savvy process servers playing a game of cat and mouse with Shaq. On May 23, at a basketball playoff game where O’Neal was commentating, process servers finally got a hold of him. That’s right, they bought tickets, took their seats, and waited for the perfect moment. Moskowitz, the attorney handling the case, stated that O’Neal was served not only with the FTX lawsuit but also with a brand-new claim regarding his involvement with the Astrals NFT project.

Throwback: Shaq’s Earlier Escape from Service

In a previous attempt, O’Neal claimed the process servers literally tossed papers in front of his moving car; talk about dodging legal bullets! His lawyers argued over the adequacy of the service, citing that the previous attempts were not performed by an authorized server under Georgia law. One can imagine them channeling their inner basketball player, running away from the press of legal papers!

The Class-Action Cookbook: Ingredients for a Lawsuit

The first course in this legal buffet is a class-action lawsuit linked to the FTX exchange, targeting celebrities who endorsed the platform amid its dramatic downfall. O’Neal, alongside fellow stars like Steph Curry and Tom Brady, now finds himself in a federal pickle. What’s on the menu? Accusations that these endorsements may have misled investors into a digital disaster.

Enter the NFT Arena: Shaq’s Astrals Project

And just when you thought it couldn’t get any thicker, we have the second lawsuit: O’Neal’s alleged founding and promotion of a Solana-based NFT project called Astrals. According to the lawsuit, these Crypto collectibles are being classified as “unregistered securities.” Now that’s a term that can knock anyone off their feet! The plaintiffs allege that they invested their hard-earned cash expecting a return, but what they got instead was disappointment.

The Howey Test: Not Just a Basketball Play

The legal brainiacs are invoking the Howey Test to support their claims, arguing that buying these NFTs constituted an investment contract. The plaintiffs claim they were part of a “common enterprise” while O’Neal’s absence from the project’s communications raises questions about his current involvement. Could it be that Shaq’s focus has shifted from NFTs back to basketball commentary?

The Final Quarter: What Happens Next?

The plaintiffs are gunning for damages tied to their investments, and O’Neal is facing some serious second-half pressure. While he cracks jokes about being in trouble with Curry, one can’t help but wonder if this former NBA star might be playing a different kind of game altogether. As the legal battles unfold, fans and followers will certainly keep an eye on whether Shaq retains his cool or ends up sweating bullets in court.