Shaquille O’Neal Agrees to $1.8M Settlement Over FTX Endorsement Lawsuit

Basketball icon Shaquille O’Neal has agreed to pay $1.8 million to settle a lawsuit tied to his promotion of the now-bankrupt crypto exchange FTX, according to new court filings.

The agreement comes nearly two years after FTX collapsed under the leadership of Sam Bankman-Fried, who misused customer funds and misled investors.

The settlement was reached after prolonged negotiations, building on earlier mediation efforts. While the terms have been finalized between the parties, the court still needs to approve the deal. O’Neal is expected to pay the agreed amount within 30 days of official approval.

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The case is part of a broader class action lawsuit filed in 2022, targeting a roster of high-profile celebrities and athletes who publicly endorsed FTX without conducting due diligence. Other defendants include Stephen Curry, Tom Brady, Gisele Bündchen, Trevor Lawrence, and Kevin O’Leary.

O’Neal reportedly received $750,000 for his role in promoting the crypto platform. He initially reached a confidential settlement in April, but the amount has now been disclosed in this latest filing.

Bankman-Fried, who was convicted in 2023, is serving a 25-year sentence following one of the most high-profile fraud cases in recent financial history.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.