NBA-Star Shaquille O'neal must expect a lawsuit for promoting the Astrals crypto project based on Solana

The American basketball legend Shaquille O’Neal threatens a new lawsuit for promoting Solana-based crypto project in Astrals. According to the class action lawsuit, which the plaintiff Daniel Harper submitted to a Judy court in Florida, Shaquille spread the Astrals token through posts and videos on several of his social media accounts. O’Neal threatens to complain about Astral's project, according to the lawsuit, Astrals is a 3D-modeled NFT collection that the NBA star founded together with his son Myler's O’Neal. Shaq's son led the role "Investors Relations", while his music manager Brian Bayati acted as CEO of the project. Building on the Solana network, Astrals users want to go to a ...

24. Mai 2023

Krypto News Österreich

Aktualisiert: 25. Mai 2023

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The American Basketball legend Shaquille O’Neal threatens a new lawsuit for promoting Solana-based crypto project Astrals.

According to the class action lawsuit, which the plaintiff Daniel Harper submitted to a court in Florida, Shaquille spread the Astrals token through posts and videos on several of his social media accounts.

O’Neal threatens to complain about Astrals project

According to the lawsuit, Astrals is a 3D-modeled NFT collection that the NBA star founded together with his son Myler's O’Neal. Shaq's son led the role of "Investors Relations", while his music manager Brian Bayati acted as CEO of the project.

Building on the Solana network, Astral wants to integrate users into an ecosystem that offers game and meta-severse experiences. These services are accessible via the Solana-based NFT marketplace Magic Eden.

To encourage users to deal with the native cryptocurrency of Astrals, the project launched the Shaq Signature Pass as an exclusive 50-part collection of NFTS. These collectibles can only be used with the native tokens.

The lawsuit of Harper, in which it is claimed that Astrals tokens are not registered securities, means that the assets are subjected to the Howey test. This is a process that determines whether a cryptocurrency (or another type of asset) falls under the category or investment contract.

If the Astrals token exists the Howey test, it is classified as a security and must be registered with the United States Securities and Exchange Commission (Sec). Therefore, the SEC will probably initiate legal steps against Astrals and its managers and request a comparison.

not the first

Since entering the industry, O’Neal has been involved in several legal disputes in connection with cryptocurrencies. At the beginning of this month he was involved in a legal proceedings in connection with the collapsed crypto exchange FTX.

After he was invited to court because of his interaction with FTX, the NBA-Promi explained that the message was insufficient because it was thrown to his moving car and had not been delivered to him at home.