A federal judge in Florida has sanctioned an $11 million settlement involving Shaquille O’Neal and buyers of Astrals NFTs, effectively concluding a class-action lawsuit concerning the alleged promotion of unregistered securities.
As stated in a court document released on April 8, Judge Federico Moreno approved the agreement, which allocates up to $11 million for qualifying buyers and includes $2.9 million designated for attorney fees.
The lawsuit, spearheaded by plaintiff Daniel Harper, encompassed individuals who purchased Astrals NFTs from May 2022 to January 15 or acquired the project’s GLXY tokens during that period.
Originally filed in May 2023, the suit accused O’Neal of leveraging his celebrity status to endorse the Astrals NFT venture, a Solana-based series of 10,000 digital collectibles linked to a virtual realm where users could interact and engage in activities with others, including the basketball legend.
The complaint noted that during the peak of the NFT craze, O’Neal was an active participant in the Astrals Discord, even sharing the notorious “I’m not f***ing leaving” meme to encourage holders—a moment mentioned in court filings.
However, as the market declined in 2022 and 2023, the enthusiasm waned, and O’Neal reportedly distanced himself from the initiative, leaving numerous investors feeling frustrated and stuck with assets that had significantly lost value.
The plaintiffs contended that they experienced financial losses due to his involvement and public endorsements, which they claimed constituted the sale of unregistered securities.
In November, O’Neal reached a settlement after several months of legal wrangling. The court noted last year that the case presented a legitimate claim, indicating that the NBA Hall of Famer was considered a direct seller of the tokens.
This isn’t the first instance where he has encountered scrutiny in the cryptocurrency sector. He is also involved in a separate ongoing lawsuit regarding his promotional activities for FTX, the now-defunct crypto exchange.
At one point, lawyers reportedly faced challenges in delivering court documents to him for months, ultimately managing to serve him during a Miami Heat playoff game in May 2023, which took place at the former FTX Arena.
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