Irish journalist reporting:
Former NBA star Shaquille O’Neal has been served legal papers by The Moskowitz Law Firm on behalf of FTX investors. The law firm has been camped outside O’Neal’s TNT studios in Atlanta for a week to serve him in relation to his previous endorsement of the now-defunct cryptocurrency exchange.
The legal papers served to O’Neal come as a result of his endorsement of FTX, which was accused of causing significant financial losses to investors. The exchange was shut down by the US Commodity Futures Trading Commission (CFTC) in 2019, following allegations of illegal trading.
The Moskowitz Law Firm is representing investors who lost money due to FTX’s alleged illegal trading activities. The firm is seeking damages from O’Neal, who had endorsed the exchange, claiming that his endorsement played a significant role in the company’s success and subsequent downfall.
O’Neal is not the only celebrity to have endorsed FTX. The exchange was also endorsed by other high-profile figures such as DJ Khaled and Floyd Mayweather. The Moskowitz Law Firm has not indicated whether it plans to serve legal papers to these celebrities as well.
The legal action against O’Neal comes as a reminder of the risks associated with celebrity endorsements of cryptocurrency exchanges. While such endorsements may bring significant publicity and legitimacy to an exchange, they may also expose investors to significant risks.
Regulators around the world have been cracking down on illegal cryptocurrency activities in recent years. The CFTC has been particularly active in this regard, shutting down several cryptocurrency exchanges for illegal activities. Investors should exercise caution when investing in cryptocurrencies and should seek professional advice before making any investment decisions.
In conclusion, the legal papers served to Shaquille O’Neal by The Moskowitz Law Firm on behalf of FTX investors highlights the risks associated with celebrity endorsements of cryptocurrency exchanges. While such endorsements may bring significant publicity to an exchange, they may also expose investors to significant risks. Investors should exercise caution when investing in cryptocurrencies and should seek professional advice before making any investment decisions.
