Shaquille O’Neal, an NBA Hall of Famer and business magnate, has agreed to a $1.8 million settlement to resolve a class-action lawsuit tied to his endorsement of the now-collapsed cryptocurrency platform FTX. The suit, which targets several high-profile athletes, also names Stephen Curry and Tom Brady as defendants.
O’Neal is among the first to settle in the legal proceedings that allege misleading promotion of the exchange. His payment comes amid broader scrutiny over celebrity involvement in crypto advertising as investors pursue accountability following FTX’s dramatic downfall.
Shaquille O’Neal Settles FTX Lawsuit Amid Legal Action
O’Neal will pay $1.8 million to settle the lawsuit tied to his endorsement of FTX, which was accused of being a massive Ponzi scheme, Front Office Sports reports. O’Neal became one of the first celebrity endorsers to resolve claims in a sweeping class-action lawsuit.
Shaquille O’Neal has agreed to pay $1.8M to settle claims against him in a suit over the collapse of crypto exchange FTX.
Remaining athletes and celebrities in the litigation—including Tom Brady, Steph Curry, and David Ortiz—could still be on the hook for billions in damages.
— Front Office Sports (@FOS) June 11, 2025
The “Inside the NBA” analyst was reportedly compensated $750,000 for promoting FTX, but his settlement requires him to return more than that amount to help cover investor payouts, legal fees, and administrative costs.
If approved by the court, eligible participants in the class-action suit, numbering over a million, could receive only a few dollars each, according to court estimates.
O’Neal was first served in 2023 after multiple attempts outside TNT studios in Atlanta. While a settlement was reached in April, the financial terms were revealed only this week.
Attorney Adam Moskowitz, who represents the FTX investors, said, “Shaq got in right under the wire a few days before that order came out. We gave him a good deal because it was before the order came out. He basically refunded what he was paid.”
O’Neal’s settlement comes as the court dismissed many claims against other celebrities in early May. Several key legal arguments remain active, most notably under Florida state law, which bars the sale of unregistered securities.
The broader lawsuit, filed in Florida federal court and spanning over 500 pages, argues that endorsers of FTX cannot escape accountability by claiming ignorance.
“Many were explicitly warned about the legal risks but continued soliciting sales to the public for their own financial benefit,” the complaint states.
High-profile defendants who remain in the case include Brady and Curry, who were allegedly paid $55 million and $35 million, respectively. Also named in the case are Gisele Bündchen, Shohei Ohtani, Naomi Osaka, David Ortiz, Udonis Haslem, Larry David, and MLB.
Separate bankruptcy filings revealed additional payouts: Ortiz received nearly $271,000 and Osaka more than $308,000. FTX’s dramatic collapse in late 2022, driven by revelations of founder Sam Bankman-Fried’s misuse of customer funds, triggered the lawsuit.
Bankman-Fried was later convicted of fraud and conspiracy and sentenced to 25 years in prison. According to the amended complaint, damages in the case could ultimately exceed “tens of billions of dollars.”
