The post Shaquille O’Neal to Face Legal Action Over Astrals NFT Project and FTX Involvement appeared on BitcoinEthereumNews.com.

TLDR Shaquille O’Neal faces a class action lawsuit over his involvement in the Astrals NFT project The court dismissed allegations that O’Neal was a “control person” but found he could be considered a “seller” The lawsuit alleges that Astrals sold unregistered securities, which the court did not dismiss O’Neal was also served papers for a separate lawsuit related to FTX’s collapse Process servers had difficulty serving O’Neal for months before finally reaching him at an NBA playoff game NBA legend Shaquille O’Neal finds himself entangled in legal battles related to his involvement in cryptocurrency and non-fungible token (NFT) projects. The former basketball star is facing a class action lawsuit over the Astrals NFT project and has also been served papers in connection with the collapse of cryptocurrency exchange FTX. In a recent development, the U.S. District Court for the Southern District of Florida, Miami Division, has made a mixed ruling on the class action lawsuit against O’Neal concerning the Astrals NFT project. The court dismissed allegations that O’Neal was a “control person” in the project, meaning someone who exercised actual power or control. However, it found that O’Neal’s involvement could classify him as a “seller” because he successfully solicited the purchase of the products, despite his argument that he was not an officer or director of the company. The court did not dismiss the allegation that Astrals sold tokens which were unregistered “securities.” This decision could have far-reaching implications for celebrity endorsements of cryptocurrency and NFT projects. The Astrals project, launched in 2022, involved a collection of 10,000 NFT 3D avatars and a decentralized autonomous organization (DAO) for “incubating innovative projects.” The lawsuit alleges that O’Neal acted as the face of Astrals, urging investors to “[h]op on the wave before its too late.” Even after the collapse of cryptocurrency exchange…

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Filed under: News - @ August 19, 2024 3:24 pm