top partner

for CFD

American basketball legend Shaquille O’Neal is facing a new lawsuit for promoting the Solana-based crypto project, Astrals.

According to the class action lawsuit filed with a Floridan court by plaintiff Daniel Harper, Shaquille shilled the Astrals token through posts and videos on several of his social media handles.

O’Neal Faces Lawsuit Over Astrals Project

According to the lawsuit, Astrals is a 3D-modeled NFT collection founded by the NBA celebrity alongside his son, Mylers O’Neal. Shaq’s son headed the role of “Investors Relations” while his music manager, Brian Bayati, acted as the project’s CEO.

Building on the Solana network, Astrals seeks to onboard users into an ecosystem that offers gaming and metaverse experiences. These services are accessible through the Solana-based NFT marketplace Magic Eden.

Encouraging users to engage with Astrals’ native cryptocurrency, the project launched the Shaq Signature Pass as an exclusive 50-piece collection of NFTs. These collectibles can only be claimed with the native token.

Harper’s lawsuit, which claims that Astrals tokens are unregistered securities, means that the assets will be subjected to the Howey test. This is a process used to determine whether a cryptocurrency (or any other type of asset) falls under the category of security or an investment contract.

If the Astrals token passes the Howey test, it will be classified as a security and must be registered with the United States Securities and Exchange Commission (SEC). As such, the SEC will likely take legal action against Astrals and its executives, demanding a settlement.

Not the First

Since joining the industry, O’Neal has found himself in several crypto-related lawsuit cases. Earlier this month, he was involved in a court case regarding the collapsed crypto exchange FTX.

After being summoned to the court regarding his interaction with FTX, the NBA celebrity stated that the notice was inadequate, as it was tossed at his moving car and not served at his home.

The post NBA Star Shaquille O’Neal Faces Lawsuit for Promoting Solana-Based Crypto Project Astrals appeared first on CryptoPotato.

Read the full story: Read More“>

Blog powered by G6

Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.

For any inquiries, please contact [email protected]