A federal judge ruled that Shaquille O’Neal must remain a defendant in a class-action lawsuit tied to the Astrals NFT project, which plaintiffs claim involved unregistered securities. The Solana-based venture, featuring metaverse avatars and a DAO, collapsed after FTX’s downfall, with O’Neal accused of abandoning the project despite public assurances. While the court dismissed claims labeling him a ‘control person,’ it upheld his liability as a ‘seller’ for soliciting purchases. This case reflects growing regulatory scrutiny on celebrity crypto endorsements, following similar actions against figures like Kim Kardashian. The outcome could set a precedent for future litigation involving high-profile crypto promotions.
about Shaq Faces Lawsuit Over Astrals NFT Promotion