In a courtroom twist as dramatic as a buzzer-beater shot, Hall of Fame NBA legend Shaquille O’Neal has secured final judicial approval of an $11 million class action settlement tied to his promotion of the Astrals NFT project. The green light was given by U.S. District Judge Federico A. Moreno, who deemed the agreement fair and equitable, putting a legal lid on accusations that Shaq’s crypto endorsements crossed securities law lines.
The Allegations: NFTs, Crypto, and Celebrity Endorsements Collide
O’Neal, known for his dominant presence on the basketball court and larger-than-life personality, found himself in the crosshairs of a 2023 proposed securities class action over his promotional role in the Astrals nonfungible token (NFT) project — a digital asset linked to an online role-playing game he allegedly helped co-found.
According to the lawsuit, the plaintiffs — NFT and GLXY token buyers — claimed that Shaq violated securities laws, specifically accusing him of aggressively marketing the NFTs to Florida residents. Plaintiffs further argued that O’Neal’s promotional history with collapsed crypto exchange FTX added fuel to the speculative fire, suggesting he should have known the legal implications of his marketing moves.
