Catenaa, Monday, June 23, 2025-NBA Hall of Famer Shaquille O’Neal has agreed to pay $1.8 million in a proposed settlement to resolve a class-action lawsuit filed by investors tied to the collapse of crypto exchange FTX, making him the first celebrity to do so.
Filed in the US District Court for the Southern District of Florida, the settlement comes nearly two years after O’Neal appeared in a 2022 FTX advertisement just months before the exchange filed for bankruptcy.
Plaintiffs claimed the promotion misled retail investors who lost billions when FTX imploded under the leadership of Sam Bankman-Fried.
O’Neal’s legal team confirmed the agreement, telling CNBC, “We are pleased to have this matter behind us.” The settlement is still subject to final court approval.
O’Neal had previously distanced himself from the exchange, stating he was merely a paid spokesperson and had no deeper involvement in the platform’s operations or its alleged fraud.
His resolution could pave the way for further settlements involving other prominent figures who endorsed FTX. High-profile names still facing litigation include Tom Brady, Gisele Bündchen, Kevin O’Leary and Stephen Curry. A Florida judge dismissed some claims against them last month but several suits remain active.
Meanwhile, FTX founder Bankman-Fried is serving a 25-year sentence at FCI Terminal Island in California. His former associate Caroline Ellison is serving a two-year term at a Connecticut facility after cooperating with prosecutors during the 2023 trial.
