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Shaquille O’Neal will likely be paying seven figures to settle the class-action lawsuit towards FTX that additionally named different high-profile athletes.
O’Neal can pay $1.8 million after he was accused of touting the since-defunct cryptocurrency as a good and reliable funding possibility by way of paid endorsements.
Legendary NFL quarterback Tom Brady and NBA star Stephen Curry, in addition to David Ortiz, Shohei Ohtani, Naomi Osaka and Trevor Lawrence had been additionally named within the swimsuit as “events who both managed, promoted, assisted in and actively participated in FTX Buying and selling and FTX US” transactions.
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Shaquille O’Neal walks on the grid earlier than the F1 Grand Prix of USA at Circuit of The Americas on October 24, 2021, in Austin, Texas. (Jared C. Tilton/Getty Pictures / Getty Pictures)
O’Neal promoted the corporate in June 2022 however mentioned he had been “only a paid spokesperson for a industrial.”
FTX was the third-largest cryptocurrency trade, however it ended up with billions of {dollars} value of losses and needed to search chapter safety. The corporate and Bankman-Fried got here beneath investigation by state and federal authorities for allegedly investing depositors’ funds in ventures with out their approval.
Brady invested $30 million in FTX and was an “ambassador” for the platform earlier than the trade went belly-up in November 2022, inflicting him to lose the funds, in response to a report from The New York Instances final yr.
FTX founder Sam Bankman-Fried was sentenced to 25 years in jail. Decide Lewis A. Kaplan mentioned he had discovered that FTX clients had misplaced $8 billion, FTX’s fairness traders had misplaced $1.7 billion, and lenders to the Alameda Analysis hedge fund Bankman-Fried based had misplaced $1.3 billion.
Former FTX chief Sam Bankman-Fried leaves the Federal Courthouse following a bail listening to forward of his October trial, in New York Metropolis on July 26, 2023. (Angela Weiss/AFP by way of Getty Pictures / Getty Pictures)
Bankman-Fried was discovered responsible in November 2023 on two counts of wire fraud and 5 counts of conspiracy following the collapse of his crypto empire FTX in November 2022, which has been in comparison with Enron. The trade had merged belongings with sister hedge fund Alameda Analysis amid money issues, main waves of consumers to withdraw funds. Bankman-Fried was indicted the subsequent month.
Bankman-Fried, who capitalized on an increase in bitcoin and at one level collected an estimated $26 billion fortune, can also be anticipated to be ordered to pay restitution.
Former FTX CEO Sam Bankman-Fried arrives for a bail listening to at Manhattan Federal Courtroom on August 11, 2023, in New York Metropolis. (Michael M. Santiago/Getty Pictures / Getty Pictures)
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Quickly after the crypto trade went beneath, the Miami Warmth’s area, previously often known as FTX Enviornment, was renamed. O’Neal performed 4 seasons with the Warmth, profitable a championship in 2006.
Fox Enterprise’ Greg Norman, Suzanne O’Halloran and the Related Press contributed to this report.
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