{"id":22858,"date":"2025-04-09T12:21:51","date_gmt":"2025-04-09T09:21:51","guid":{"rendered":"https:\/\/forklog.com\/en\/court-approves-settlement-in-shaquille-oneals-nft-project-lawsuit\/"},"modified":"2025-04-09T12:21:51","modified_gmt":"2025-04-09T09:21:51","slug":"court-approves-settlement-in-shaquille-oneals-nft-project-lawsuit","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/court-approves-settlement-in-shaquille-oneals-nft-project-lawsuit\/","title":{"rendered":"Court Approves Settlement in Shaquille O’Neal’s NFT Project Lawsuit"},"content":{"rendered":"

Former NBA<\/span> star Shaquille O’Neal has received<\/a> final court approval for the settlement of a class-action lawsuit by investors in the NFT project Astrals.<\/p>\n

Florida federal judge Federico Moreno confirmed the settlement between the defendant and a group of plaintiffs led by Daniel Harper. <\/p>\n

The agreement resulted in the creation of an $11 million fund to satisfy the claimants’ demands. An additional $2.9 million was awarded to cover legal fees and attorney costs.<\/p>\n

All investors who purchased NFTs from the collection or native GLXY tokens since May 2022 are eligible for compensation.<\/p>\n

In May 2023, a lawsuit was filed against O’Neal due to his involvement in the creation and promotion of Astrals. The project was accused of offering and selling unregistered securities.<\/p>\n

Investors claimed they suffered losses due to O’Neal’s “conduct” in promoting Astrals’ assets.<\/p>\n

In August 2024, Judge Moreno ruled that the former basketball player indeed sold NFTs and suggested that these assets might constitute securities. In November, O’Neal agreed to a settlement<\/a>.<\/p>\n

Released in April 2022 on Solana, the Astrals collection consists of 10,000 3D avatars as non-fungible tokens. OpenSea data shows<\/a> that there have been no asset sales for nearly two years.<\/p>\n

In the first quarter of 2025, NFT segment trading volume reached $1.5 billion, a 24% decrease compared to the previous period, according to a report<\/a> by DappRadar.<\/p>\n

In April, one of the largest global bitcoin exchanges, Bybit<\/a>, and the Russian social network VKontakte<\/a> announced the closure of their non-fungible token marketplaces.<\/p>\n","protected":false},"excerpt":{"rendered":"

Former NBA star Shaquille O’Neal has received final court approval for the settlement of a class-action lawsuit by investors in the NFT project Astrals. Florida federal judge Federico Moreno confirmed the settlement between the defendant and a group of plaintiffs led by Daniel Harper. The agreement resulted in the creation of an $11 million fund […]<\/p>\n","protected":false},"author":1,"featured_media":22857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[516,1415,1162,1213],"class_list":["post-22858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-advertising","tag-celebrities","tag-court-cases","tag-nft"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=22858"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22858\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/22857"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=22858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=22858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=22858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}