June 13th 2025.
Former NBA star Shaquille O'Neal, known for his successful career with the Los Angeles Lakers, has recently made headlines for his involvement in a lawsuit surrounding the now-bankrupt cryptocurrency company FTX. It has been reported that Shaq has agreed to settle the suit for a sum of $1.8 million, as stated by Fortune.
The company, which went bankrupt in 2022, was under fire for its founder, Sam Bankman-Fried, who was accused of investing money without the approval of investors. This resulted in the loss of billions of dollars, and Bankman-Fried was ultimately sentenced to 25 years in prison in March 2024. In the midst of the controversy, Shaq and other celebrity investors, including Tom Brady, Stephen Curry, and Naomi Osaka, were sued for promoting the platform.
Shaq, who had previously denied any involvement in the company, stated that he was simply a paid spokesperson and had no knowledge of the inner workings of FTX. "I have nothing to hide. If I was heavily involved, I would be at the forefront saying, 'Hey.' But I was just a paid spokesperson," he said in December 2022.
The settlement between Shaq and the plaintiffs was reached in April, but it was only recently made public through a filing with the U.S. District Court. However, the agreement still needs to be approved by the court before it can be finalized. If approved, Shaq will not be held liable for any future claims, and he has also agreed not to seek reimbursement from the FTX estate.
Once the settlement is approved, the payment will be made within 30 days. It's important to note that this settlement only covers Shaq's involvement, and the other celebrities named in the lawsuit are not included. There is no information currently available about any potential settlements from the other principals involved.
Despite the lawsuit, Shaq maintains his innocence and denies any wrongdoing in his role as a paid spokesperson for FTX. In fact, the former NBA star has been keeping busy after his retirement, studying to become a sports psychologist. It's clear that Shaq is focused on his future and is not allowing this legal issue to distract him from his goals.
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