Crypto scandal catches up with Shaq as NBA legend sued – OutKick

[ad_1]

The music finally caught up with Shaq.

Lakers legend, TV personality and DJ Shaquille O’Neal was officially served on Sunday for his endorsement of FTX, the crypto Ponzi scheme that resulted in $51 billion in collateral losses for its investors.

FTX collapsed last year after the crypto exchange company and its founder, Sam Bankman-Fried, were found to be fraudulent and filed for bankruptcy in November 2022.

BREAKING: Shaquille ONeal has been served in an FTX class action lawsuit after attorneys claim he’s been in hiding and away from our process servers for the past three months.

— unusual_whales (@unusual_whales) April 17, 2023

Shaq is said to have dodged several attempts over the past five months after being named in the class action lawsuit involving several other athletes. Big Diesel was served at his Miami home on Sunday afternoon and will appear in federal court, the Daily Mail reported.

Shaq caught in the rise and crash of FTX

Miami attorneys David Boies and Adam Moskowitz released a statement regarding the legal filing.

(Photo by Paras Griffin/Getty Images for Pepsi Stronger Together)

“The plaintiffs in the FTX billion class action lawsuit just served Shaq outside his house,” the law firm verified. “His home video cameras recorded our service, and we made it clear that he should not destroy or erase any of these security tapes, as they must be retained for our trial.”

The crypto company’s brand has gone nuclear in recent years with the endorsement of celebrities like Shaq, Tom Brady, and Shohei Ohtani buying big on the FTX promise. Middle-class investors soon followed, and the company’s brand continued to diversify.

Shaq said he never promoted FTX, only working as a business “spokesperson”. O’Neal said in December 2022, appearing on CNBC: “A lot of people think I’m involved, but I was just a paid spokesperson for a publicity.”

(Photo by Rich Fury/Getty Images)

In 2021, the NBA agreed to accept a deal to rename the home of the Miami Heat to “FTX Arena”. After FTX closed, the venue sought a new partner and rebranded itself as “Miami-Dade Arena”.

Earlier this month, the Heat announced their hometown had agreed to a 17-year, $117.37 million deal to be renamed “Kaseya Center.”

Shaq became an influencer after his successful run in the NBA. O’Neal made $292 million in NBA contracts, adding $200 million in endorsement deals.

[ad_2]