NBA legend Shaquille O’Neal is now entangled in a legal case over his involvement in the Solana-based NFT project Astrals. The legal case, which was updated to strengthen the case, claims that O’Neal violated securities laws in his connection with the project.
A district judge in Florida appointed lead plaintiffs, who have chosen the Moskowitz Company to represent them. Adam Moskowitz, the managing partner said:
“This is a very big advancement because it highlights that they run the show for all the investors and they have selected us to be class counsel.”
O’Neal’s Role In Astrals
Astrals is a non-fungible token project that is built on the Solana blockchain, providing 10,000 distinct 3D avatars. This project is community-driven and it promises play-to-earn (P2E) role-playing games, as highlighted in its whitepaper.
The revised complaint in the lawsuit makes a strong case about O’Neal’s involvement with Astrals. It claims that O’Neal was in constant communication with Astrals, pointing to a massive personal commitment to this project. Moreover, it indicates the involvement of O’Neal’s business partner and son in Astrals, suggesting lots of connections than was initially assumed.
What The Lawsuit Alleges
The lawsuit insists that O’Neal’s association with Astrals enhanced the project’s value because of his celebrity status. Nonetheless, it claims that O’Neal disappeared from the Astrals community after the collapse of the FTX exchange last November. His last post in the Astrals Discord community featured a GIF from the film:
“The Wolf of Wall Street” with the phrase “I’m not [explicit] leaving.”
While this lawsuit does not name Astrals’ partners, MH Ventures and Cypher Capital, Moskowitz said that they would be served as the case progresses. He said that third-party subpoenas might be issued when appropriate.
In July 2023, O’Neal’s legal team sought to have this lawsuit dismissed, stating that the digital assets involved were meant for gamers, not investors. Nonetheless, their motion was denied in August, with the court setting a deadline of September 29 for O’Neal to respond.
The Takeaway
Shaquille O’Neal’s legal challenges about his involvement with Solana-based NFT project Astrals keep unfolding. The lawsuit insists on violations of securities laws and mentions O’Neal’s extensive personal connection to the project. As the case carries on, it remains a huge development in the NFTs world and celebrity endorsements within the blockchain sector.
1 comment