Crypto Scandal Catches Up To Shaq As NBA Legend Gets Served For Lawsuit

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The music finally caught up to Shaq.

On Sunday, Shaquille O’Neal — the Lakers legend, TV personality and DJ — was officially served for his endorsement of FTX, the crypto Ponzi scheme that resulted in $51 billion in collateral losses for its investors.

FTX collapsed last year after the crypto exchange company and its founder, Sam Bankman-Fried, were outed as fraudulent and went bankrupt in November of 2022.

Shaq had reportedly been dodging several attempts for the past five months after being named in the class-action lawsuit involving several other athletes. Big Diesel was served at his home in Miami Sunday afternoon and will have to appear in federal court, reported the Daily Mail.

Shaq Caught In FTX’s Rise and Crash

Miami attorneys David Boies and Adam Moskowitz released a statement regarding the legal filing.

(Photo by Paras Griffin/Getty Images for Pepsi Stronger Together)

“Plaintiffs in the billion FTX class action case just served Shaq outside his house,” the law firm verified. “His home video cameras recorded our service, and we made it very clear that he is not to destroy or erase any of these security tapes, because they must be preserved for our lawsuit.”

The crypto company’s brand went nuclear in recent years with the endorsement of marquee celebrities like Shaq, Tom Brady and Shohei Ohtani buying big on the FTX promise. Middle-class investors quickly followed, and the company’s brand continued to branch out.

Shaq has stated that he never promoted FTX, working only as a commercial “spokesperson.” O’Neal said in December of 2022, appearing on CNBC: “A lot of people think I’m involved, but I was just a paid spokesperson for a commercial.”

(Photo by Rich Fury/Getty Images)

In 2021, the NBA agreed to accept a deal to rename the Miami Heat’s home venue to “FTX Arena.” After FTX folded, the venue sought a new partner and renamed itself “Miami-Dade Arena.”

Earlier this month, the Heat announced that their home venue agreed to a 17-year, $117.37 million deal to be renamed “Kaseya Center.”

Shaq has become an influencer after his successful run in the NBA. O’Neal made $292 million in NBA contracts, adding $200 million in endorsement deals.

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Written by Alejandro Avila

Alejandro Avila lives in Southern California and previously covered news for the LA Football Network. Jeopardy expert and grumpy sports fan that has watched every movie.

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