Shaquille O’Neal is at the center of a class-action lawsuit that was filed last November in a Florida federal district court, which accuses him of promoting FTX, an exchange platform that offered unregistered securities to the public. Lawyers representing the plaintiff, Edwin Garrison, have been unsuccessful in serving O’Neal with papers in person, and they are now seeking alternative methods of serving him. According to reports, the latest attempt was thwarted after O’Neal fled to the Bahamas following a hip replacement surgery, and he remains elusive. However, legal experts believe that the case will proceed regardless of whether he is served or not.
We couldn't keep it secret any longer! We're partnering with…the one…the only…@SHAQ! (a.k.a. Shaqtoshi) pic.twitter.com/V37UQ5wsXI
— FTX (@FTX_Official) June 1, 2022
The lawsuit filed against FTX, which involves several celebrities, including Tom Brady and Larry David, alleges that they “actively participated” in the “offer and sale of unregistered securities” by promoting the platform. O’Neal is one of the defendants who have yet to respond to the lawsuit, despite other defendants responding. Forbes reported earlier this month that he was the remaining defendant to be served.
I get it, you love this space and you don’t want to see it destroyed by cash grabbing individuals with high influence. But before you pass judgement just know I personally found our artist and I hand picked our team. I’m learning the same way everyone else is.
— SHAQ (@SHAQ) March 8, 2022
Lawyer Adam Moskowitz, who represents Garrison in the lawsuit, stated that O’Neal has been avoiding the lawsuit’s service of papers. The method of delivering court papers is reserved for circumstances where defendants can’t be reached personally or practically, allowing a complaint to be sent to a defendant’s personal address instead. The plaintiffs’ lawyers have reportedly tried to serve O’Neal with papers at various locations over the course of their efforts to deliver the lawsuit’s complaint, including his NBA studio, a home, and places he’s done promotions.
Moskowitz believes that O’Neal is the worst offender for saying he was “all in” on FTX and then subsequently telling CNBC reporters he doesn’t understand crypto and will probably stay away from it following the exchange’s collapse. He stated that O’Neal’s apparent lack of understanding of cryptocurrency didn’t stop him from promoting it.
The basketball player is also involved in the cryptocurrency space through other ventures, including the use of Shaq.eth and Shaq.sol as his account’s handle for a period of time. He launched his first NFT collection in October 2021, created in partnership with Ethernity Chain, a digital art marketplace. Additionally, he’s a founder of Astrals, a Solana-based NFT project that launched in March of last year, according to the project’s website. Despite telling reporters he doesn’t understand crypto, O’Neal claimed on Twitter that he “personally found our artist and I handpicked our team” for Astrals.
FTX was once a high-flying cryptocurrency exchange that was actively courting the highest echelons of Washington’s elite, with A-listers including Tom Brady, Larry David, Gisele Bundchen, Steph Curry, and Shaquille O’Neal lining up to endorse the company and spread its reach to the masses. The lawsuit was filed after FTX collapsed amid claims of corporate malfeasance.
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