The Settlement of the NFT Scandal Involving Shaquille O’Neal
Legendary former basketball player Shaquille O’Neal has agreed to pay $11 million to settle a lawsuit related to the Astrals NFT collection on the Solana blockchain.
Investors in the Astrals NFT collection filed a lawsuit alleging that the project involved the promotion of unregistered securities, with O’Neal being the main public figure associated with the venture.
The Astrals NFT collection consisted of 10,000 metaverse avatars and a DAO control token called Galaxy (GLXY). Following losses incurred by investors due to market fluctuations after the collapse of the FTX exchange, the lawsuit was brought against O’Neal and the Astrals-related companies.
Under the proposed settlement, O’Neal and the associated entities will pay $11 million to compensate investors and cover legal expenses, pending court approval.
Although the Astrals NFT page on X has not been updated since 2023, the NFT market has shown signs of recovery, with sales reaching $356 million in October 2024.
The resolution of this scandal highlights the importance of regulatory compliance in the rapidly evolving NFT market.
Source: Law.com
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