NBA Legend Shaq Sued In Class Action Lawsuit Over Astrals NFT – Crypto News – Crypto News
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NBA Legend Shaq Sued In Class Action Lawsuit Over Astrals NFT – Crypto News

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3 years ago

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Ariel Givner, Esq., an IP and corporate attorney in the web3 space, took to Twitter to share the news of Shaquille O’Neal being sued in a class action lawsuit over his Astrals NFT project. In her tweetshe highlighted the reason behind the lawsuit, stating that the plaintiffs alleged the Astrals tokens and NFTs, which were supposedly Shaq’s brainchild, were unregistered securities.

Shaq Sued For Astrals NFT

The lawsuit, filed in Florida federal court, claims that O’Neal promoted the tokens despite being aware of potential regulatory issues surrounding the sale of unregistered crypto securities. The suit includes several celebrity defendants, including founder Sam Bankman-Fried and other stars who endorsed the platform.

The complaint argues that Astrals NFTs need to meet the criteria for being considered securities and will be evaluated under the Howey Test, a standard for determining investment contracts.

Shaq also served in the FTX Lawsuit.

O’Neal launched the Astrals Project in 2022, collaborating with his music manager, Brian Bayati, and his son, Myles O’Neal. The project aimed to encourage investment in a virtual world where users could interact with unique avatars traded through a marketplace.

About The Lawsuit

The lawsuit provides details of O’Neal’s promotion of the Astrals Project, particularly through a series of NFTs called the “Shaq Signature Pass, O’Neal emphasized the limited availability of these NFTs, stating that only 50 would ever exist and could be obtained by participating in the community or bidding on Astrals tokens.

The complaint alleges that O’Neal repeatedly promoted Astrals NFTs on his social media accounts and used the Astrals Project to endorse ftxfurther enhancing his own credibility.

A dispute has arisen in the case regarding allegations that O’Neal has been evading service of the legal papers. Lawyers for the investors claim to have attempted to serve him for months outside his home, workplace, and car, while O’Neal denies these allegations. Although O’Neal appeared in advertisements for FTX, he has distanced himself from the company, stating that he was merely a paid spokesperson.

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The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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