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Shaquille O’Neal Settles FTX Suit: Spotlight Shifts To Other Celeb Defendants

Last Updated

Apr 24, 2025

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Shaquille O’Neal has quietly settled a class-action alleging his FTX endorsements promoted unregistered crypto yield products; the terms are sealed pending preliminary approval. The resolution refocuses scrutiny on other celebrity defendants and may accelerate further settlements.

Sealed settlement: O’Neal reached a confidential deal over alleged promotion of FTX’s yield products; public terms expected with preliminary court approval.
Shifts litigation focus: With O’Neal resolved, attention moves to remaining celebrity defendants such as Brady, Bündchen, Curry, Osaka and Larry David.
SBF’s cooperation: Sam Bankman‑Fried’s cooperation could produce internal evidence, heightening pressure for additional settlements and regulatory action.

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NBA Hall of Famer Shaquille O’Neal has quietly settled a class-action lawsuit over his endorsement of the now-defunct cryptocurrency exchange FTX.

Filed in the US District Court for the Southern District of Florida, the settlement was disclosed on 23 April 2025. While the terms remain under seal, they are expected to be made public once plaintiffs file for preliminary court approval.

O’Neal had been accused of promoting unregistered securities through FTX’s high-yield crypto offerings. Plaintiffs allege that his endorsement, alongside others, helped paint FTX as a legitimate and secure platform, misleading retail investors in the process.

Long road to settlement, and a public chase

O’Neal’s legal saga has been anything but ordinary. The plaintiffs’ attorneys spent months attempting to serve him, only succeeding in April 2023 during a live NBA playoff game in Miami. The dramatic delivery of legal documents showed just how high-profile and contentious the FTX fallout had become.

The basketball icon also recently resolved a separate $11million lawsuit tied to his promotion of Astrals, an NFT project built on Solana. That case centered on allegations that O’Neal marketed the NFTs as unregistered securities. Approximately $2.9m of the settlement was allocated to legal fees, with the rest designated for investor restitution.

Who’s still on the hook?

With O’Neal now out of the picture, the legal spotlight turns to other A-list celebrities still named in the FTX class action.

Among the most prominent are former NFL quarterback Tom Brady and model Gisele Bundchen. Both were early investors in FTX and served as high-profile ambassadors for the brand. Their equity stakes and participation in advertising campaigns have placed them at the center of the remaining litigation.

Comedian Larry David, known for his skeptical-but-convinced appearance in a Super Bowl FTX commercial, remains a key defendant. Plaintiffs argue that the ad contributed to FTX’s public legitimacy by casting doubt on traditional skepticism of new financial technologies.

Others still entangled in the lawsuit include tennis star Naomi Osaka, NBA MVP Stephen Curry, Shark Tank investor Kevin O’Leary, and even the Golden State Warriors. The suit claims their endorsements lent undue credibility to FTX’s now-failed yield products.

SBF joins the plaintiffs, sort of

In a surprising twist, court documents showed FTX founder Sam Bankman-Fried cooperating with plaintiffs in exchange for being dropped as a defendant in the civil case. His involvement could provide critical insight into internal operations and marketing strategies, potentially shifting the momentum in ongoing cases.

Looking ahead

O’Neal’s settlement may signal the beginning of a wave of resolutions, especially as legal pressure mounts and regulators continue cracking down on celebrity crypto endorsements. For now, the high-profile departures, ongoing litigation, and potential new disclosures from Sam Bankman-Fried promise more headlines in the evolving FTX legal saga.

Adewale Olarinde is an experienced crypto journalist and content strategist with over five years of expertise covering blockchain technology, digital assets, and the evolving Web3 landscape.

At CryptoManiaks, he delivers clear, data-backed insights that simplify complex market trends for a wide audience, from crypto newcomers to institutional readers. Adewale’s work combines rigorous on-chain analysis with accessible storytelling, helping readers make informed decisions in a fast-paced and often volatile industry.

He is proficient in analytical tools such as Glassnode, Santiment, Coinglass, and CryptoQuant, which he uses to craft timely reports on price movements, token performance, and sector-wide developments.

Before joining CryptoManiaks, he contributed to several leading crypto publications and supported content strategy for blockchain-native projects. Adewale is also the founder of TokenTalks, a publication focused on deep crypto market research and narrative-driven analysis. Known for his precision and editorial discipline, he consistently bridges the gap between data and narrative in the Web3 space.

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