NBA icon Shaquille O’Neal is set to pay an $11 million settlement in a case regarding his promotion of the Astrals NFT collection. The lawsuit, initiated by disgruntled investors, arose after the tokens’ value plummeted amid the crypto market’s decline.
Investors accused O’Neal of illegally promoting unregistered securities. Though he publically encouraged the community to hold onto their tokens, a class action lawsuit followed. The settlement, subject to judicial approval, aims to compensate the affected parties and underlines the increasing legal focus on celebrity-backed crypto assets.
Shaquille O’Neal Agrees to $11 Million Settlement in NFT Lawsuit
