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Shaquille O’Neill They will pay seven people to resolve a class action lawsuit against FTX, also known as other well-known athletes.
O’Neal pays $1.8 million after being accused of promoting a decommissioned cryptocurrency as a reputable and reliable investment option via paid approval.
Legendary NFL quarterback Tom Brady and NBA star Stephen Curry, as well as David Ortiz, Shohai Otani, Naomi Osaka and Trevor Lawrence, were also dubbed “parties that controlled, promoted, supported and actively participated in FTX trading and FTX US procedures.”
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Shaquille O’Neal will walk the grid in Austin, Texas on October 24, 2021 before the F1 Grand Prix of the US Circuit of the Americas. (Jared C. Tilton / Getty Images / Getty Images)
O’Neal promoted the company in June 2022, saying he was a “paid spokesman for commercials.”
FTX was the third largest cryptocurrency exchange, but ended with billions of dollars worth of losses and had to seek bankruptcy protection. Our company and bank Fried have been investigated by state and federal authorities that are allegedly investing depositor funds in ventures without approval.
Brady invested $30 million in FTX and was the platform’s “ambassador” before the exchange got mad in November 2022.
FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison. Judge Lewis A. Kaplan said he found that FTX clients lost $8 billion, FTX equity investors lost $1.7 billion, and lenders of Alameda Research Hedge Fund Bankman-Fried lost $1.3 billion.
Former FTX Chief Sam Bankmanfried will leave federal court after a bail hearing ahead of the October trial held in New York City on July 26, 2023. (Getty Images / Angelaweis by Getty Images / AFP)
Bankmanfried was convicted in November 2023 of two wire fraud and five conspiracies following the collapse of his crypto-imperial FTX, which was compared to Enron in November 2022. The exchange fused assets with sister hedge fund Alameda research amid the issue of cash, leading a wave of clients and drawing out funds. Bankmanfried was charged the following month.
It is also expected that Fried, a bank that used the rise in Bitcoin and accumulated an estimated $26 billion in wealth at one point, will also be ordered to pay compensation.
Former FTX CEO Sam Bankman-Fried will arrive on August 11, 2023 in Manhattan Federal Court for a bail hearing in New York City. (Michael M. Santiago / Getty Images / Getty Images)
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Shortly after Crypto Exchange went down, Miami Heat Arena, formerly known as the FTX Arena, was renamed. O’Neal played Four Seasons for The Heat and won the championship in 2006.
Greg Norman, Suzanne O’Halloran and the Associated Press of Fox Business contributed to this report.
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