A Florida federal court judge has approved an $11 million settlement between Shaquille O’Neal and Astrals NFT buyers, ending a class-action lawsuit over an alleged promotion of unregistered securities.
According to a court order made public on April 8, Judge Federico Moreno gave the green light to the deal, which sets aside up to $11 million for eligible buyers and includes $2.9 million in attorney fees.
The case, led by plaintiff Daniel Harper, covered anyone who bought Astrals NFTs between May 2022 and Jan. 15 or picked up the project’s GLXY tokens during that time.
The lawsuit, first filed in May 2023, accused O’Neal of using his celebrity status to promote the Astrals NFT project, a Solana-based collection of 10,000 digital collectibles tied to a virtual world concept, where users could socialize and play with others, including the basketball star.
Per the complaint, during the height of the NFT boom, O’Neal was active in the Astrals Discord, even posting the infamous “I’m not f***ing leaving” meme to rally holders, a moment also cited in court documents.
But as the market soured in 2022 and 2023, the hype died down, and O’Neal allegedly distanced himself from the project, leaving many investors frustrated and stuck with sharply devalued assets.
The plaintiffs claimed they suffered financial losses as a result of his involvement and public endorsements, which they argued amounted to selling unregistered securities.
O’Neal reached a settlement agreement in November, following months of legal back-and-forth. The court acknowledged last year that the suit had a viable claim, suggesting the NBA Hall of Famer was a direct seller of the tokens.
This isn’t the first time Shaq has faced heat in the crypto world. He’s also part of an ongoing lawsuit related to his promotional work for FTX, the now-defunct crypto exchange.
At the time, lawyers reportedly struggled to serve him court papers for months, eventually catching up with him during a Miami Heat playoff game in May 2023, held at the former FTX Arena.
