O'Neal vs Astrals Dispute: Court Rejects Allegations of Control Person Status
Publication Time:2024-08-19 15:47:09
A class action lawsuit has recently been filed against Shaquille O'Neal in relation to his role in the NFT project Astrals. The Astrals project, centered around 10,000 NFT 3D avatars and a decentralized autonomous organization (DAO), aims to foster the growth of innovative projects. The lawsuit primarily revolves around O'Neal's status as an ambassador for the Astrals project, accusing him of encouraging investors to hastily join during periods of cryptocurrency market volatility, leading to subsequent financial losses for investors. Even after the collapse of cryptocurrency exchange FTX in November 2022, O'Neal continued to post GIFs on the community information board Discord, referencing the movie 'The Wolf of Wall Street', claiming he would not leave the project. However, this did not prevent the decline in the value of Astrals' financial products. Ultimately, the court decided to reject the allegations that O'Neal held the status of a control person within Astrals, indicating that he did not exercise actual managerial authority. Nonetheless, other charges remain valid, requiring O'Neal to defend himself accordingly.
NFT project
Astrals
O'Neal
class action lawsuit
control person allegations