Shaquille O’Neal’s $11 Million NFT Fiasco: A Settlement Worthy of a Comedy!

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In a most delightful turn of events, the settlement was graciously approved by none other than Florida’s own Judge Federico Moreno on the rather auspicious date of April 1, 2025. One might wonder if this was an elaborate April Fool’s joke, but alas, it was not.

Behold! A fund of up to $11 million has been established for the fortunate class members, alongside a rather princely sum of $2.9 million earmarked for the legal eagles who, one presumes, have been sharpening their talons for this very occasion. The lucky recipients of this windfall are those who, in a moment of questionable judgment, purchased Astrals NFTs between May 2022 and January 15, 2023, as well as those who dabbled in the project’s native GLXY tokens until mid-January. 🎉

Judge Moreno, in his infinite wisdom, confirmed that the attorney fees were scrutinized and found to be fair by the plaintiffs. One can only imagine the spirited discussions that took place over those fees—perhaps a game of poker was involved? 🃏

The Lawsuit: A Comedy of Errors

Our tale begins in May 2023, when a class-action lawsuit was filed, accusing the towering Shaquille O’Neal of founding and promoting the Solana-based Astrals NFT project. The plaintiffs, in a fit of indignation, claimed that they had been sold unregistered securities—an accusation that surely sent shivers down the spines of many a financial advisor.

As the plot thickened, Judge Moreno, in August 2023, acknowledged the plaintiffs’ claims that O’Neal had indeed acted as a seller of these dubious NFTs. In a twist worthy of a Shakespearean comedy, O’Neal agreed to the settlement in November 2023, perhaps realizing that the only thing worse than being a giant in the world of basketball is being a giant in the world of NFTs. 🤦‍♂️

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2025-04-09 12:41