NEWSLETTER
The NBA Shaquille O'Neal Legend has agreed to pay <a target="_blank" href="https://news.bloomberglaw.com/business-and-practice/shaquille-oneal-gets-judges-sign-off-on-astrals-nft-settlement” target=”_blank” rel=”noopener nofollow”>$ 11 million to resolve collective demand On its promotion of the failed Astrals nft project. A federal judge of Florida approved the agreement on April 1, and the order was made public this week on April 8, according to judicial documents.
Basketball icon caught in cryptographic controversy
The demand, first filed in May 2023, said that O'Neal promoted the sale of values not registered through the Astrals nft collection based in Solana. Investors who bought Astrals nfts or the project tokens of the project between May 2022 and January 15, 2024 will now be eligible for compensation for the liquidation fund.
Judge Federico Moreno previously acknowledged that the plaintiffs had presented a plausible case that the former NBA star acted as a seller under the Securities Law. The agreement occurs after months of round trip, with O'Neal reaching an agreement with the plaintiffs last November.
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The following shot: Shaquille O'Neal and <a target="_blank" href="https://twitter.com/hashtag/Astrals?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#Astrals nft + <a target="_blank" href="https://twitter.com/search?q=%24GLXY&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>$ GLXY Tokens
Shaq actively promoted the chips, calling himself “astronaut chief of astral.” But after FTX collapse in November 2022, the reputation of the project received a success and tokens sales slowed down significantly.<a target="_blank" href="https://twitter.com/search?q=%24GLXY&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>$ GLXY is down … pic.twitter.com/quhziigcda
– 11th.com (@11Thestate) <a target="_blank" href="https://twitter.com/11thestate/status/1905452101636940199?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>March 28, 2025
The lawyers take $ 2.9 million home in a portion
The court approved $ 2.9 million in lawyers and related cost fees as part of the liquidation package. Judge Moreno ruled that these fees were “fair and reasonable”, and said that none of the plaintiffs opposed the amount that lawyers would receive.
The lawyers were able to convince the court that investors lost their money due to O'Neal marketing campaigns for the project.
Judicial documents indicate that O'Neal urged possible investors to “get on the wave before it is too late”, something that came to pursue him in court.
Screenshot of court document on Shaq's legal settlement. Source: Courtlistener
Falling project promised virtual meetings with Shaq
Astrals were launched in April 2022, providing 10,000 unique 3D avatars designed by the artist Damien Guimoneau. The company presented itself as a fully immersive metaler experience through which users could interact with other users, as well as with O'Neal itself.
Despite the stellar power behind this, the collection has shown zero signs of activity in the last two years based on nft Opensa market data.
According to the reports, O'Neal continued to support the project publicly even after the main exchange of FTX cryptocurrencies collapsed in November 2022.
The court o'Neal launched a small victory, dismissing the claims that he was a “control person” within the project, a designation that would have suggested that he had real power over his operations instead of simply serving as his famous face.
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Shaquille O'Neal will face legal actions on nft Astral Project and Participation of FTX
TLDR
Shaquille O'Neal faces collective demand on its participation in the Astrals nft project
The court dismissed the accusations that O'Neal was a “control person”, but discovered that it could be cons … pic.twitter.com/tslw52ewow
– nothertip) <a target="_blank" href="https://twitter.com/NotAnotherTip/status/1825483074911559972?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>August 19, 2024
The nft market continues down spiral
The agreement is produced as the broadest nft market struggles To recover his ancient glory. The total sales volume nft was at just $ 27 million for the week that ended on April 7, 2025, a dramatic fall in the weekly volumes of more than $ 2 billion recorded during the market peak in 2021.
This downward trend has been ongoing, with commercial volumes that fall by more than 60% only in February. The fall continues a slide that began at the beginning of 2024, which suggests that the digital collectible market that once seen remain in prolonged depression.
Outstanding image of Megan Briggs/Getty, tradingView Chart
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