The NBA legend’s FTX settlement signals the end of crypto’s celebrity free ride.
Shaquille O’Neal can finally breathe a sigh of relief. The basketball legend turned businessman and TV personality has agreed to pay $1.8 million to settle a class-action lawsuit over his role in promoting the now-defunct cryptocurrency exchange FTX.
While the payment closes a legal chapter for the former Laker, it also marks a turning point in how courts are treating celebrity endorsements in the volatile world of crypto, a space where stardom once offered both hype and cover.
O’Neal is among the first big names to reach a settlement in the high-profile FTX case, which also names football legend Tom Brady, his ex-wife Gisele Bündchen, NBA superstar Steph Curry, tennis player Naomi Osaka, and Seinfeld creator Larry David. Some of the claims against these celebrities, who say they weren’t aware of the risks, have already been dismissed.
But O’Neal’s decision to settle stands out.
He was accused of promoting FTX to his fans and investors, appearing in a string of marketing campaigns. In return, the company allegedly sponsored his music festival venture, Shaq’s Fun House. According to the lawsuit, O’Neal promoted the partnership through social media posts and videos. He was allegedly paid $750,000 for his endorsement.
