Shaq O’Neal says he was ‘just a paid spokesperson’ for FTX advertising

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Shaquille O’Neal said he was paid to appear in an FTX commercial and was never involved with the business. In the announcement, he said he was “making crypto accessible to everyone” and was “all in”. O’Neal was recently named in a lawsuit accusing FTX of using celebrities to mislead investors. LoadingSomething is being loaded.

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NBA legend Shaquille O’Neal said he doesn’t believe in cryptocurrencies and was simply paid to endorse the now-imploded FTX exchange, according to a Thursday report from CNBC’s Make It.

“A lot of people think I’m involved, but I was just a paid spokesperson for an ad,” O’Neal told the outlet.

The former basketball star, who is now an angel investor and businessman, starred in an FTX commercial released on June 2. In the announcement, O’Neal said he was excited to partner with the exchange to “make crypto accessible to everyone.”

” I completely agree. And you? O’Neal says in the ad.

FTX (@FTX_Official) June 1, 2022

O’Neal told CNBC that his friendship with fellow NBA great Stephen Curry was one of the reasons he agreed to appear in the FTX commercial. Representatives for Curry did not immediately respond to Insider’s request for comment.

“People know I’m very, very honest. I have nothing to hide,” O’Neal said, according to CNBC. “If I was heavily involved, I’d be at the forefront, saying, ‘Hey’. But I was just a paid spokesperson.”

When asked by the outlet if he was bullish on crypto, O’Neal replied, “No.”

O’Neal is one of several celebrities named in a class action lawsuit that was filed Nov. 15 against FTX, its marquee endorsers and founder, Sam Bankman-Fried.

The lawsuit, filed by investor Edwin Garrison, alleges that FTX used celebrities such as O’Neal, Curry and model Gisele Bndchen to lure investors into a Ponzi scheme, according to court documents seen by Insider.

The crypto world was rocked when FTX filed for bankruptcy on Nov. 11 and its new CEO, John Ray, pointed to a litany of gross mismanagement practices within the company.

The SEC charged Bankman-Fried with fraud and accused him of funneling billions of dollars in client funds into his own crypto hedge fund.

O’Neal has warmed to the idea of ​​endorsing crypto this year

Prior to appearing in the FTX commercial in June, O’Neal had publicly expressed his skepticism towards cryptocurrencies. He told CNBC in September 2021 that he doesn’t understand crypto.

“So I’ll probably stay away until I fully understand what it is,” he said, according to the outlet.

He also told Front Office Sports in June 2021 that he was wary of crypto endorsement offers.

“I always get these companies saying, ‘Hey, we’ll give you $900,000 in crypto for tweeting. So I have to say, “OK, if you’re going to give me a million dollars worth of crypto, then why do you need me?” “O’Neal told the outlet. “A couple of my friends got caught up in a little scam like that once.”

However, he started teasing the idea of ​​getting involved in crypto-related content in February, thinking on Twitter that he might change his handle to SHAQ.SOL, a reference to a cryptocurrency run by the platform. blockchain form Solana.

The NBA Hall of Famer did not reveal how much money he received for his appearance in June’s FTX commercial.

Representatives for O’Neal did not immediately respond to Insider’s request for comment.

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