Shaquille O’Neal after FTX lawsuit: "I was just a paid speaker"

taketonews

• O’Neal mentioned in class action lawsuit
• NBA star initially skeptical about crypto
• O’Neal claims ignorance

NBA legend Shaquille O’Neal, or Shaq for short, starred in an FTX commercial in June 2022. Now he has been named as one of several celebrities in a class action lawsuit filed against FTX, ex-CEO Sam Bankman-Fried and some supporters. The complaint, filed by investor Edwin Garrison, alleges that celebrities such as O’Neal, his NBA colleague Stephen Curry or model Gisele Bundchen were used to attract investors to a Ponzi scheme. O’Neal is now defending himself against the allegations.

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Celebrities as advertising media

FTX has become one of the world’s largest digital crypto exchanges due to its ease of use. FTX has made it much easier for investors to enter the crypto industry. FTX achieved peak values, among other things, through the acquisition of naming rights for sports stadiums or a number of prominent supporters. O’Neal, who previously expressed skepticism about crypto and admitted his lack of knowledge in the field, decided this year to become a crypto supporter with the goal of “making crypto accessible to everyone,” as stated in the Ad says:

The commercial was released on June 2, 2022, roughly five months before the crypto exchange’s downfall began.

O’Neal says he wasn’t involved

“I was just a paid speaker,” O’Neal told CNBC. He further emphasized that people know that he is an honest person who would admit it if he had been heavily involved. When asked if O’Neal was a crypto optimist, he replied “no”. In 2021 he said that he was very cautious, especially with offers from the crypto sector. Only the friendship with his NBA colleague Stephen Curry convinced him to play in the FTX commercial. How much O’Neal received for the commercial from FTX is unclear.

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Image Credits: Mike Pont/Getty Images



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