- Shaquille O’Neal is still in hot waters for a class action lawsuit brought against him in 2023, as the court did not dismiss all claims against him.
- The court will look into his role in promoting unregistered securities.
As a seasoned researcher with years of experience in the complex world of law and finance, I find myself closely following the ongoing court case against Shaquille O’Neal. The fact that the court did not dismiss all claims against him for promoting unregistered securities is a significant development.
In a partial decision on a class action lawsuit, a Florida court allowed parts of the case against Shaquille O’Neal for his role in endorsing the Solana-based Astrals NFT initiative to continue. Judge Federico Moreno declined to accept the argument that he held significant control over the project, but he did not dismiss allegations that he significantly promoted it.
As a crypto investor, I recently discovered that the court documents suggest the tokens I’ve invested in, namely Astrals and Galaxy, may have been unregistered securities. It seems these tokens were part of the Astrals project, and one of the primary promoters for The Astrals Entities was none other than the legendary NBA player, Shaquille O’Neal.
O’Neal Promoted the Project Heavily and Exited After Claiming He Would Not
O’Neal might be considered a ‘promoter’ or ‘endorser’, given his actions in encouraging the acquisition of the NFTs for personal profit. He frequently boosted the project on social media sites like X and also shared GIFs, one of which was from The Wolf of Wall Street featuring Leonardo DiCaprio saying “I’m not f*cking leaving,” on Discord during the 2022 FTX collapse. In videos, he expressed his belief that the Astrals team would continue developing the project until the NFT prices reached 30 SOL. However, court records indicate that he parted ways with the project shortly thereafter, leading to a massive drop in the value of Astrals NFTs.
As a crypto investor, I’ve been closely following the court case regarding the class action lawsuit against Astral. The lawyers involved are debating whether the tokens sold by Astral were unregistered securities, as claimed in the court filing. It states that the plaintiffs argue O’Neal, with his substantial social media presence, was aware or should have been of potential regulatory issues surrounding the sale of unregistered crypto securities, yet he continued to actively promote the Astrals Project across various platforms.
The Astrals initiative was a venture centered around Non-Fungible Tokens (NFTs) within the metaverse, where users could buy 3D NFT characters to use as avatars across various social media platforms, decentralized applications, and their own metaverse called the Astralverse. Furthermore, it included a Decentralized Autonomous Organization (DAO), which was intended to gather funds for investing in promising projects. Apart from the NFTs, Astrals also released Galaxy (GLXY) tokens, serving as the management token used for decision-making within the DAO.
Read More
- ACT PREDICTION. ACT cryptocurrency
- W PREDICTION. W cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- NBA 2K25 Review: NBA 2K25 review: A small step forward but not a slam dunk
- How to Handle Smurfs in Valorant: A Guide from the Community
- Unlocking Destiny 2: The Hidden Potential of Grand Overture and The Queenbreaker
- ESO Werewolf Build: The Ultimate Guide
- Mastering Destiny 2: Tips for Speedy Grandmaster Challenges
- Rainbow Six Siege directory: Quick links to our tips & guides
- Exploring Izanami’s Lore vs. Game Design in Smite: Reddit Reactions
2024-08-20 14:04