Basketball star, media personality and all-around giant, Shaquille O’Neal, was sued in a class action lawsuit regarding its involvement in the Astrals NFT project.according to official documentthe charges against O’Neill include “offering and selling unregistered securities, including tokens and NFTs.”
The Astral, activated in the Solana Network in the Far Realm of March 2022, dropped 10,000 NFTs to act as avatars in the Astralverse. However, as market conditions deteriorated, the lowest prices skyrocketed, dropping from an all-time high of 16 SOL in April 2022 to 1.22 SOL, the lowest priced NFT currently in the collection.
Through the complaint, Daniel Harper alleges that Shaq facilitated the sale of unregistered securities in the form of NFTs and the platform’s $GLXY utility token. In essence, these assets are colorful metaverse-enabled he claims to represent “securities” rather than JPEGs.
Shaq was sued today in an Astralz NFT class action lawsuit.
why? Plaintiffs allege that Astralz Tokens and NFTs (allegedly “invented” by Shaq) were unregistered securities.
No day is truly boring in the world of cryptocurrencies.
— Ariel Gibner, Esq. (@GivnerAriel) May 24, 2023
Detective reveals plaintiff to be an active member of the Solana community
As a collection of tech-savvy individuals, the NFT community quickly tracked down the wallet addresses of the plaintiffs involved. As a result, it appears they have revealed themselves as active NFT collectors in the Solana space, with assets like “Not Bored Ape,” “OK Gods,” “DeY00ts,” and .SOL domain names. If this is indeed the wallet of the associate who started the class action, then that person’s continued involvement in “unregistered securities” could be a dead end.
This isn’t the first time Shaq has faced a jury over his blockchain transactions. In parallel with the current trial, the former NBA superstar has also been charged with promoting the FTX empire before it famously and spectacularly collapsed last year.
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*All investment/financial opinions expressed by NFT PLAZA are based on the site moderator’s personal research and experience and are for educational material only. Individuals should thoroughly research any product before making any type of investment.
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