The world of cryptocurrency seems to be catching up to some of the biggest names in sports. Basketball legend Shaquille O’Neal has recently found himself in trouble with a lawsuit filed by the State of Florida regarding his alleged involvement in the cryptocurrency company FTX. The state is asking for $1 billion in damages, and Shaq is among a long list of famous names mentioned in the lawsuit.
O’Neal and his lawyers have been trying to dodge the case, but in the end, they couldn't escape it anymore.
GTN | Early reports suggest that the basketball Great is one of the athletes involved in the FTX scandal.
What Is the FTX Scandal?
The FTX cryptocurrency firm was based in Panama and designed to allow easy access to decentralized markets. The company eventually went bankrupt, leading to lawsuits by several stakeholders who lost massive sums of money. Florida’s lawsuit is one of the biggest, demanding compensation for the loss of money suffered by those who invested and promoted FTX.
However, there are claims that Shaq was one of the athletes promoting the company before the crash. And Shaq is one of them.
Shaq's Attempts to Escape the Lawsuit
The State of Florida has attempted to serve Shaq with the lawsuit for several months, but the process has not been easy. His lawyers initially claimed that the papers should have been served at his residence and not elsewhere. At some point, Shaq's lawyers claimed to have thrown papers at his vehicle when no one answered the door, resulting in the papers landing on the roadway.
Sky News | Shaq O’Neal faces a legal case by the state of Florida for his involvement in the now-bankrupt cryptocurrency company, FTX.
By the time the case made it to the courts, the judge was not impressed with the basketball legend’s attempts to evade being served the lawsuit.
The Final Serve: Game 4 of the Eastern Conference Finals series
Shaq could not avoid the lawsuit any longer. Lawyers awaited him at the arena during game 4 of the Eastern Conference Finals series. The series was between the Miami Heat and Boston Celtics. Lawyers knew it would be an ideal opportunity to serve him as he would be part of the broadcast team for the game.
As Shaq and his sponsors arrived, the lawyer was quick to hand over the papers, officially serving the lawsuit.
BBC | After dodging the prosecutors, the basketball great was dodging the prosecutors - allegedly spending millions of dollars.
Second Lawsuit Against Shaq: Astrals Project
The basketball star is also in hot water over a lawsuit involving his NFT platform: The Astrals Project. This lawsuit alleges that O’Neal and his affiliates have violated security laws by selling unregistered tokens.
However, there are concerns over its regulation, with authorities keen to ensure that all investors and token creators follow the law.
Thus, Shaquille O’Neal has made headlines over his alleged involvement with the FTX crypto company. And the absurd tactics he employed to evade being served the lawsuit papers. However, the basketball legend is not off the hook now. They face massive claims and potential penalties. The case serves as a reminder that cryptocurrency is a rapidly evolving sector. Without proper regulationS, even stars can fall prey to scams when not careful.
