Shaq Settles for $1.8M over FTX Promotions
NBA legend Shaquille O’Neal has settled a class action lawsuit for $1.8 million amid claims he endorsed the failed cryptocurrency exchange FTX. The settlement, per CNBC, could mark the culmination of a years-long legal battle that began after O’Neal appeared in the “FTX: I Am All In” campaign.
O’Neal was called “Shaqtoshi” in the ads and portrayed as a confident crypto investor. Plaintiffs later claimed the promotions misled consumers and investors and demanded damages of up to $21 billion.
Lawsuit Origins and Celebrity Fallout
The lawsuit, originally brought in November 2022, named a number of celebrities who endorsed FTX. O’Neal was served in front of his Atlanta home in 2023 after months of evasion. He has consistently stated he was a paid endorser and lacked a further role at the company.
If the court approves, O’Neal’s payment will be used for repaying investors. The agreement also prevents him from claiming repayment from FTX’s bankruptcy and shields him from future lawsuits against the exchange.
FTX Creditors Begin to Receive Payments
Although O’Neal’s chapter may be ending, FTX’s collapse continues to ripple through the crypto ecosystem. On June 10, 2025, the defunct exchange partnered with payments platform Payoneer to aid in the disbursement of creditor repayments.
The pairing adds to existing facilitators BitGo and Kraken. In February, FTX issued its first round of payouts valued at $1.2 billion for smaller claims. A second tranche, targeting $5 billion worth of distributions, was announced in May.
The Aftermath of FTX’s Collapse
FTX’s implosion ranks among the most notorious crypto collapses ever. Once worth tens of billions, the exchange fell apart in 2022 amid revelations of fraud, mismanagement, and the unauthorized allocation of customer funds.
Founder Sam Bankman-Fried is already serving a 25-year jail sentence for his role in the fiasco. As the legal repercussions are untangled, efforts to compensate creditors—and restore faith in crypto—continue.
