Basketball legend Shaquille O’Neal paid $11 million to settle a class-action lawsuit from investors in the NFT project Astrals.

On May 23, 2023, during a basketball game at the FTX Arena (later renamed Kaseya Center), O’Neal, who was commenting on the event, received a double subpoena. He was accused of promoting the Astrals NFT collection and endorsing the bankrupt FTX exchange.

“The financial condition of Astrals NFT investors and the value of the tokens are almost entirely tied to O’Neal’s celebrity status and the success of his promotional campaigns,” the plaintiff’s documents state.

The plaintiffs emphasized that the Astrals project is O’Neal’s brainchild. His son took the position of head of investor relations, and the legendary athlete’s publicity became part of the marketing strategy.

#newpfp who dis? @Astrals_NFT pic.twitter.com/DzWocnR1GT
— SHAQ (@SHAQ) March 7, 2022

On August 16, 2024, a Miami court ruled that the basketball player had indeed sold non-fungible tokens and acknowledged that these assets could be considered securities.

According to the plaintiffs’ lawyers, O’Neal also settled a lawsuit with FTX investors, though the terms of the settlement were not disclosed. In both cases, the court has not yet made a final decision.

The Astrals NFT collection, launched in 2022, included 10,000 character cards based on the works of artist Damien Gimon. As of writing, the domain hosting the project’s website is empty, and the account on X has not posted anything for over a year.

For reference, in November 2024, FTX’s lawyers filed 23 lawsuits with Delaware bankruptcy court against companies and individuals to