NBA star O'Neal has agreed to pay $11 million to settle a lawsuit stemming from the promotion of unregistered securities

PANews November 20th news, according to The Block, NBA legend Shaquille O’Neal has agreed to pay $11 million to settle a class-action lawsuit stemming from the promotion of the Astrals Non-fungible Token project. The plaintiffs accused O’Neal of helping to promote unregistered securities. The case involves 10,000 Astrals Non-fungible Tokens based on the Solana network and the related ‘Galaxy’ governance Token. Judge Federico Moreno of the United States District Court for the Southern District of Florida ruled that these assets may be considered securities, and O’Neil was identified as a potential ‘seller’ due to his role as a project ‘spokesperson’. It is reported that O’Neal promoted projects through his personal influence in the Non-fungible Token market at its peak, but the market plummeted significantly after the collapse of FTXexchange in November 2022, and the plaintiff claimed that O’Neal subsequently abandoned the project. He is also facing legal action alongside celebrities such as Tom Brady and Larry David over the FTX endorsement case. If the judge approves the settlement amount, some funds will be used to compensate investors’ losses and pay legal fees.