basketball icon Shaquille O’Nealwho allegedly tried to avoid legal complaints for months, was finally served with documents in a lawsuit related to his promotion of the exchange bankrupt crypto, FTX. The former NBA star, alongside other personalities like Tom Brady And larry david, was named in the lawsuit filed last November in federal district court in Florida. The lawsuit alleges that these celebrities actively participated in the offering and selling of unregistered securities by FTX.
The firm’s lawyers Moskowitz Law Firmrepresenting the investor Edwin Garrison in L’stock collective, say they struggled for months to serve the trial papers in person on Shaquille O’Neal. The law firm’s Twitter account chronicled their attempts to serve O’Neal, from waiting outside TNT Studios in Atlanta to successfully serving him outside his residence. Now that O’Neal has been served, the trial can move forward.
The Role of Celebrity Promotions in Crypto
FTXwho had dubbed Shaquille O’Neal “Shaqtoshi“, featured the basketball legend in advertisements where he claimed to be “all in” on the exchange platform of cryptocurrency. However, after the collapse of FTX, O’Neal admitted on CNBC that he didn’t understand cryptocurrency and would probably avoid it in the future. O’Neal was on a list of stars paid to support FTX, including sports figures like Steph Curry And Naomi Osakaas well as the contractor Kevin O’Leary.
The lawsuit raises questions about the responsibility of celebrities in promoting crypto businesses. Several of the celebrities named in the lawsuit filed a motion to dismiss last week, arguing that it was FTX that was inducing users to open performance accounts, the type of account at the center of the complaint, and not the celebrities.
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