Business

Shaquille O’Neal Stays Away From Failed Crypto Exchange FTX After Appearing In Its Advertisement



Basketball legend turned entrepreneur Shaquille O’Neal is trying to steer clear of crypto after becoming a paid spokesperson for failed exchange FTX and aiming for a lawsuit over it.

“A lot of people think I’m in, but I’m just a paid spokesperson for an ad,” O’Neal told CNBC make it this week.

In there Advertisement, O’Neal said he has partnered with FTX to make crypto “accessible to everyone.” It was an unexpected alliance when a year earlier he told CNBC he was avoiding the crypto craze.

“I don’t understand,” O’Neal speak at that time. “So I’ll probably stay away from it until I fully understand what it is.”

His reasoning? He was skeptical of all the stories of people making a lot of money quickly.

“Every time someone tells me one of those great stories, I love it,” he said. “But from my experience, that’s too good to be true.”

Last month, FTX customers withdrew billions of dollars worth of holdings after the CEO of rival exchange Binance tweeted that Binance would sell the FTX FTT tokens they hold. Shortly after, FTX filed for bankruptcy and its CEO Sam Bankman-Fried resigned following news that he allegedly mixed funds from FTX clients with a business project. your other business.

This week, Bankman-Fried is arrested and charged with several counts of conspiracy and fraud. With its demise, many FTX users were unable to withdraw their funds from the platform—and it’s unclear if they’ll ever get them back.

In an interview with CNBC this week, O’Neal said his friendship with Golden State Warriors player Steph Curry was the reason why he appeared in the FTX commercial. A spokesperson for Curry declined CNBC’s request for comment.

Curry, along with some other famous people like soccer star Tom Brady and his soon-to-be ex-wife, supermodel Gisele Bundchen, named in the same lawsuit with O’Neal over FTX.

The lawsuit, filed by Edwin Garrison in Miami last month, seeks class action status on behalf of himself and FTX users against Bankman-Fried and FTX celebrity advocates. The complaint describes FTX as a “Ponzi scheme” and claims that its prominent speakers endorse unregistered securities.

“People know me to be very, very honest,” O’Neal said. “I have nothing to hide. If I get involved a lot, I’ll be the first to say, ‘Hey.’ But I’m just a paid spokesperson.”

In his FTX ad, he says he’s just someone who checks his FTX account every day—and that he’s “all-out”. But when asked this week if he is bullish on crypto, he simply said no.
O’Neal, who is widely known as Shaq, did not share how much he was paid to be an FTX spokesman. But Kevin O’Leary, a regular on ABC’s investment show Shark Tank who is also one of the popular FTX spokespeople, said he was paid around $15 million. O’Leary told CNBC that he invested nearly $10 million in crypto, was granted $1 million in FTX equity, and $4 million in taxes and other fees—all of which was lost when the company went public. you collapse.

Our new Weekly Impact Report looks at how ESG news and trends are shaping the roles and responsibilities of today’s executives. Sign up here.

news5h

News5h: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button