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Shaquille O’Neal Says ‘I Don’t UnderstandCryptocurrency as He’s Named in Lawsuit for FTX Commercial

Shaquille O'Neal walks on the grid before the F1 Grand Prix of USA at Circuit of The Americas on October 24, 2021 ad Austin, Texas.

Shaquille O'Neal walks on the grid before the F1 Grand Prix of USA at Circuit of The Americas on October 24, 2021 ad Austin, Texas.

Shaquille O'Neal.
Foto: Jared C. Tilton/Getty

NBA legend Shaquille O'Neal is regretting one of his paid partnerships.

The 50-year-old TNT analyst defended his participation in a commercial for the failed cryptocurrency company FTX after he was named in a lawsuit alongside other celebrities like Tom Brady e Gisele Bundchen.

A lot of people think I’m involved, but I was just a paid spokesperson for a commercial,” O’Neal told CNBC Make It.

O’Neal admitted he wasn’t fully aware of what he was promoting with the company or the success of cryptocurrency in general.

I don’t understand it,” he said of cryptocurrency, e ha detto che “will probably stay away from it until I get a full understanding of what it is.

After FTX’s collapse, O’Neal said that cryptocurrencyis too good to be true,” according to his own “Esperienza” with the trend.

The lawsuit, filed by an investor on Tuesday, alleges that by endorsing the company, O’Neal and others like Naomi Osaka, Stefano Curry, Shaquille O'Neal, Larry David — brought credibility to the business, secondo l'Associated Press.

Part of the scheme employed by the FTX Entities involved utilizing some of the biggest names in sports and entertainment — like these Defendants — to raise funds and drive American consumers to investpouring billions of dollars into the deceptive FTX platform to keep the whole scheme afloat,” la causa ha dichiarato.

The lawsuit came less than a week after the Bahamas-based company sought bankruptcy protection after amassing billions of dollars worth of losses, per l'AP. Its founder, Sam Bankman-Fried, is being sued by the SEC and was arrested Monday in the Bahamas.

Along with relying on celebrity testimonials, the company also had the naming rights to the FTX Arena in Florida, home to the NBA’s Miami Heat.

A representative for the NBA team detto a ESPN recently that FTX signage would be removed from the arena in the near future.

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The reports about FTX and its affiliates are extremely disappointing,” the county and team said in a joint statement. “Miami-Dade County and the Miami HEAT are immediately taking action to terminate our business relationships with FTX. We will be working together to find a new naming rights partner for the arena.

FTX also had previous sponsorship deals with the Golden State Warriors and the Washington Wizards, in addition to naming rights to a Formula One racing team, di ESPN.