Anushka Basu
2 min read
NBA star Shaquille O’Neal settles FTX lawsuit for $1.8M originally appeared on TheStreet.
Former NBA star Shaquille O'Neal will pay $1.8 million to settle a class action lawsuit related to his promotional efforts for the failed cryptocurrency exchange FTX, after the Basketball Hall of Famer stated that he earned only $285,000 from the venture as an endorser.
The proposed settlement, which was filed this week in the U.S. District Court for the Southern District of Florida, still requires court approval, as per ABC News.
O'Neal was one of several celebrities — including Tom Brady, Stephen Curry, and Naomi Osaka — who were named in the 2022 lawsuit.
They were charged with promoting FTX as a safe and reliable exchange and deceiving investors, who then lost money after the platform collapsed. The $1.8 million settlement pertains only to O’Neal and features a stipulation that prohibits him from seeking any reimbursement from the FTX estate.
Three years ago, FTX was the third-largest cryptocurrency exchange by volume in the world, but it lost billions, got deep into debt, and ultimately declared bankruptcy. The Bahamas company, and its founder, Sam Bankman-Fried, are under scrutiny by state and federal prosecutors for allegedly investing depositor money in projects they didn't have depositor consent to do so.
As reported earlier, FTX's creditors began receiving shares of their lost funds on May 30, 2025 through BitGo and Kraken — two of the approved distribution agents. The exchanges emailed clients to confirm that funds transferred from FTX would be deposited into users' accounts by the end of May.
NBA star Shaquille O’Neal settles FTX lawsuit for $1.8M first appeared on TheStreet on Jun 13, 2025
This story was originally reported by TheStreet on Jun 13, 2025, where it first appeared.
