Former NBA star and current television host Shaquille O’Neal has been served by The Moskowitz Law Firm on behalf of FTX investors. The law firm revealed in a tweet on April 14 that their team had been standing outside TNT studios in Atlanta all week to serve O’Neal. The legal action is related to O’Neal’s previous endorsement of the now-defunct crypto exchange.
FTX is a cryptocurrency derivatives exchange that was launched in 2019. The exchange was co-founded by Sam Bankman-Fried and Gary Wang. FTX has become a popular platform for trading cryptocurrency futures and options. The exchange has also gained attention for its high-profile endorsements, including O’Neal and Tom Brady.
O’Neal became an ambassador for FTX in June 2020. The former basketball player appeared in several advertisements for the exchange and promoted it on social media. However, FTX announced in March 2021 that it was shutting down its operations in the United States. The exchange cited regulatory concerns as the reason for its closure.
The Moskowitz Law Firm is representing FTX investors who lost money as a result of the exchange’s closure. The law firm has not disclosed the amount of money that its clients are seeking from O’Neal. However, it is likely that the investors are seeking to recoup their losses from the former ambassador.
O’Neal has not yet commented on the legal action taken against him. However, the former basketball player has been vocal about his interest in cryptocurrency in the past. O’Neal has invested in several cryptocurrency projects, including Bitcoin and Ethereum. He has also promoted the use of cryptocurrency in the sports industry.
The legal action taken against O’Neal is just one example of the growing scrutiny that celebrities face when endorsing cryptocurrency projects. Regulators have become increasingly concerned about the potential risks associated with cryptocurrency investments. In recent years, several high-profile cryptocurrency projects have failed, resulting in significant losses for investors.
Celebrities who endorse cryptocurrency projects may be held liable if the projects fail or if investors suffer losses. This is because celebrities are seen as influential figures who can sway public opinion. As a result, celebrities may be held to a higher standard of care when endorsing investment opportunities.
In conclusion, Shaquille O’Neal has been served by The Moskowitz Law Firm on behalf of FTX investors. The legal action is related to O’Neal’s previous endorsement of the now-defunct crypto exchange. The Moskowitz Law Firm is representing FTX investors who lost money as a result of the exchange’s closure. The legal action taken against O’Neal is just one example of the growing scrutiny that celebrities face when endorsing cryptocurrency projects.
