Former NBA player Shaquille O'Neal has agreed to pay $1.8 million to resolve a class action lawsuit related to his promotion of the collapsed crypto exchange FTX. The settlement, pending court approval, will cover legal fees, administrative costs, and compensation for investors who interacted with FTX between May 2019 and late 2022. O'Neal's agreement includes a release from future liability and prohibits him from seeking repayment from FTX's bankruptcy estate. The lawsuit accused O'Neal of endorsing FTX's unregistered securities, contributing to the platform's downfall. Other celebrities, including NFL stars and tennis champions, faced similar allegations. O'Neal's settlement follows previous legal issues related to his promotion of the Astrals NFT project. FTX's collapse in 2022 led to founder Sam Bankman-Fried's imprisonment for fraud and mismanagement. The settlement marks a step towards accountability for celebrities endorsing risky investments. Read more AI-generated news on: https://app.chaingpt.org/news

#NFT