NBA star Shaquille O’Neal is being sued again. This time, he is accused of having used his influence to promote the Astrals crypto project. This has nothing to do with the FTX scandal, in which he also found himself involved.
Shaquille O’Neal needs to be heard on his Astrals crypto promotion
Shaquille O’Neal’s legal setbacks pile up. Already in the sauce for having promoted FTX which collapsed a few months ago, the NBA star has yet to explain himself to justice.
O’Neal is indeed sued, for its ties to Astrals, a crypto project based on the Solana blockchain. An initiative carried by his son Mylers O’Neal and Brian Bayati, the musical manager of the latter.
The plaintiff, a certain Daniel Harper, accuses Shaquille O’Neal of promoting the asset. This, by using many of its social media to trick users into unduly engaging with Astral.
Harper especially denounces Shaq Signature Pass. This is an exclusive collection of 50 NFTs launched as part of Astrals which he claims are unregistered titles. In other words, the Astral crypto project would violate US securities laws.
This remains to be determined and this is the whole meaning of the action of the legal action brought against the ex-basketball player. If the Astrals tokens are indeed unregistered securities, the Howey test will confirm it.
In the meantime, we can estimate that O’Neal’s legal setbacks in the context of this case are just beginning. When we know the virulence of the SEC against crypto firms, we imagine that it will seize the case.
In this perspective, legal action against Astrals and its leaders cannot therefore be ruled out. At best, they could get away with an amicable settlement. At worst, they would have to prepare for a legal battle like the one against Ripple.
This is not the first time that the American basketball star has found himself embroiled in a crypto legal case. In particular, she was the subject of a class action, along with other American celebrities, in the FTX affair.
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