Crypto scandal catches up with Shaq as NBA legend gets served with lawsuit – OutKick

The music finally caught up with Shaq.

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

FTX collapsed last year after the crypto exchange company and its founder, Sam Bankman-Fried, were named as fraudulent and filed for bankruptcy in November 2022.

Shaq had reportedly avoided multiple trials over 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 on Sunday afternoon and must appear in federal court, the Daily Mail reported.

Shaq captured in FTX’s Rise and Crash

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

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

The crypto company’s brand went nuclear in recent years with celebrity endorsements 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, and only worked as a commercial “spokesperson.” Appearing on CNBC, O’Neal said in December 2022, “A lot of people think I’m involved, but I was just a paid spokesperson for a commercial.”

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

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