HomeSportsShaq Scoffs Being Named In Lawsuit Over FTX Collapse: 'I Don't Understand...

Shaq Scoffs Being Named In Lawsuit Over FTX Collapse: ‘I Don’t Understand Cryptocurrency’


After FTX collapsed, investors filed a lawsuit targeting several notable athletes who were spokespersons for the cryptocurrency exchange.

One of them was NBA legend Shaquille O’Neal. The basketball Hall of Famer has appeared in several FTX advertisements.

The lawsuit describes O’Neal, Tom Brady, Stephen Curry, David Ortiz, Shohei Ohtani, Trevor Lawrence, and others as “parties who controlled, promoted, aided, and actively participated in the transactions of FTX Trading and FTX US.”

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Basketball Hall of Famer Shaquille O’Neal speaks at a press conference in McDonough, Georgia on January 22, 2021.
(Alyssa Pointer/Atlanta Journal-Constitution via AP)

But O’Neal doesn’t seem concerned.

“A lot of people think I’m involved, but I was just a paid spokesperson for a commercial,” he told CNBC Make It. “I don’t get it, so I’ll probably stay away from it until I have a full understanding of what it is.”

NBA great Shaquille O'Neal during the NBA All-Star Game on Saturday night at the United Center in Chicago on February 15, 2020.

NBA great Shaquille O’Neal during the NBA All-Star Game on Saturday night at the United Center in Chicago on February 15, 2020.
(Kyle Terada/USA Today Sports)

O’Neal added that he felt that cryptocurrencies are “too good to be true.”

The lawsuit seeks to hold the athletes “responsible for the many billions of dollars in damages they caused Plaintiff and the Classes and compel Defendants to make amends.”

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“The deceptive and failed FTX platform was based on false representations and misleading conduct,” the lawsuit states. “While many incriminating emails and text messages from FTX have already been destroyed, we located them and they show how the FTX fraudulent scheme was designed to take advantage of unsophisticated investors across the country, who use mobile apps to make their investments. As As a result, American consumers collectively suffered more than $11 billion in damages.”

Former NBA player Shaquille O'Neal attends the grand opening of Shaq Courts at the Doolittle Complex donated by Icy Hot and the Shaquille O'Neal Foundation in association with the City of Las Vegas on October 23, 2021 in Las Vegas.

Former NBA player Shaquille O’Neal attends the grand opening of Shaq Courts at the Doolittle Complex donated by Icy Hot and the Shaquille O’Neal Foundation in association with the City of Las Vegas on October 23, 2021 in Las Vegas.
(Ethan Miller/Getty Images for Icy Hot)

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FTX founder Sam Bankman-Fried was recently arrested on fraud and money laundering charges.

Fox News’ Greg Norman contributed to this report.



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