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June 13, 2025
Investors in the cryptocurrency company sued the former basketball player for his role in endorsing the platform
NBA Hall of Famer Shaquille O’Neal has agreed to settle a lawsuit against him for his involvement in the now-bankrupt cryptocurrency company FTX.
According to Fortune, the retired Los Angeles Lakers legend has settled the suit for $1.8 million for his role in promoting the failed company.
The company went bankrupt in 2022 after Founder Sam Bankman-Fried was accused of investing money in ventures without investors’ approval. For his role in the company losing billions of dollars, he was sentenced to 25 years in prison in March 2024.
Investors sued Shaq and other celebrity investors like former NFL quarterback Tom Brady, NBA superstar Stephen Curry, and tennis phenom Naomi Osaka, among others, who endorsed the platform.
After being sued, Shaq stated he was only a celebrity being used for an ad.
“I have nothing to hide. If I was heavily involved, I would be at the forefront saying, ‘Hey.’ But I was just a paid spokesperson,” Shaquille O’Neal said in December 2022.
The settlement took place in April but wasn’t publicized until the agreement was disclosed in a filing with the U.S. District Court, Southern District of Florida, Miami Division, earlier this week. The settlement has to be approved by the court before it could be finalized. The agreement would allow Shaq to not be held liable for future claims and also includes a stipulation that the TNT analyst can’t seek reimbursement from the FTX estate.
After the courts approve the settlement, the payment will be made within 30 days.
The settlement only covers Shaq’s involvement as the other celebrities are not included in the agreement. No details have been released regarding any settlements, if any from the other principals named in the lawsuit.
Shaq has admitted to no wrongdoings pertaining to his role in being a paid spokesperson for FTX.
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