Shaquille O'Neal Hit With FTX And Astral NFT Suits During NBA Game

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Former NBA superstar Shaquille O’Neal is facing another lawsuit. The Moskowitz Law Firm served the NBA star with the lawsuit on Tuesday during a live NBA game he was broadcasting.

Shaquille O’Neal Avoids FTX And Astral NFT Lawsuit

The basketball legend faces a $1 billion legal lawsuit along with other celebrities including Stephen Curry, Diesel, Tom Brady, Gisele Bündchen, Larry David and Naomi Osaka.

The plaintiffs claim that celebrities promoted FTX, making false promises to investors before the cryptocurrency went bankrupt.

Shaq is trending for his various methods of avoiding lawsuits from the Miami-based Moskovitz law firm. In one incident, they threw legal papers at his moving car when he fled.

pic.twitter.com/MLg1v6zAET
— Shaq (@Shaq) March 10, 2022

The lawsuit alleges violations of securities laws by selling unregistered Astral tokens. In an effort to promote investment in the virtual world, we see the launch of the Astral NFT in 2022. The company went bankrupt, due to which many people lost their invested money. In a statement, Adam Moskovitz, legal representative for the plaintiffs, said:

“It seems absurd to go to such great lengths to serve Mr. O’Neill, who is the law deputy. These claims are very serious now, and thus it is good that we can start with the merits rather than the silly service biases unfortunately created by Mr O’Neill.

More on the Astral NFT lawsuit

O’Neill founded the Astrals Project with his partners, Brian Bayati as CEO and Miles O’Neill as the company’s head of investor relations. Shakeel is facing a lawsuit for over $15 million for his involvement in NFTs.

Astrals is a Solana-based NFT project that will include 10,000 “metaverse-ready” avatars backed by The DAO and a “story-driven, play-to-earn role,” according to part of the project’s white paper included in the complaint. . playing.”

The lawsuit focuses on how O’Neil promoted the project, including on social media and during music performances as DJ Diesel, and how he ceased communication with the project’s community after FTX failed.

Speaking to FOS, Adam said,

“The allegations in the new crypto complaint are very serious and detail how he, his son and his business partner founded this NFT metaverse and how they [Shaquille] Promises every week that he will be extremely involved, so the value of the NFT will skyrocket.”

The micro-trial is presided over by Judge Moreno and Magistrate Goodman of the federal court in Miami. Defendant O’Neal has 20 days to respond to the lawsuit.

Shaikh is seeking to have the suit against him dismissed because the plaintiffs have missed the deadline to serve him with legal documents.

Howe Test To Determine If Shaquille O’Neal Is Guilty

The Howey Test, developed in a 1946 Supreme Court case to determine whether a transaction qualified as an investment contract, would evaluate whether O’Neill sold unregistered securities. Factors include investing money in a joint venture with the expectation of profiting from the efforts of third parties. According to the lawsuit, Astral’s NFTs meet all of the criteria to be classified as a security.