astral

ChainCatcher news, according to Cryptonews, NBA star Shaquille O'Neal has agreed to pay $11 million to settle a class action lawsuit related to his involvement in the Solana-based NFT project Astrals.On April 1, Florida federal judge Federico Moreno approved the final settlement agreement, which was made public on April 8. The settlement establishes an $11 million fund for eligible investors who purchased Astrals NFTs or acquired the project's GLXY tokens between May 2022 and January 15, 2024. The lawsuit was initially filed in May 2023, accusing Shaquille O'Neal of promoting and helping to launch the Astrals NFT series, with the plaintiffs claiming this amounted to the sale of unregistered securities. They alleged financial losses due to O'Neal's promotional activities.

ChainCatcher news, according to DLNews, former NBA star Shaquille O'Neal has signed an $11 million settlement agreement regarding the Astral NFT and Galaxy token lawsuit, covering the plaintiffs' attorney fees as well as cash payments to NFT and token purchasers. The settlement agreement is currently pending approval from the judge.Previously, O'Neal was sued for promoting cryptocurrency, with a class action filed in federal court in Florida accusing O'Neal of promoting the unregistered Astral token in violation of securities laws.The lawsuit claims that O'Neal repeatedly promoted the Astrals NFT on his various social media accounts, but the value of the related tokens and NFTs subsequently experienced a "sharp decline."

ChainCatcher News: A U.S. court dismissed the allegations that basketball superstar Shaquille O'Neal was the "controller" of the NFT project Astrals. The court ruled that Shaquille O'Neal participated in the Solana NFT project Astrals as a "seller" rather than a "controller," and granted Shaquille's request, dismissing some of the allegations against him in the unregistered securities class action that began in May 2023.The court dismissed the claims that the legendary basketball player was the "controller" of Astrals, with the plaintiffs alleging that O'Neal exercised "actual power or control" over the project. However, U.S. District Judge Federico Moreno ruled that O'Neal was a successful "seller" who attracted buyers for Astrals products. The judge also denied the defendants' motion to dismiss the allegations that Astrals NFTs and Galaxy tokens are financial securities.Astrals is a Solana-based NFT project featuring 10,000 unique 3D avatars, aimed at promoting investment in a virtual world and decentralized autonomous organization (DAO) called Astralverse. The project also has its own cryptocurrency, Galaxy, which serves as the governance token for the DAO.

ChainCatcher news, according to Bloomberg, former NBA star Shaquille O'Neal has been sued again for promoting cryptocurrency. The class action lawsuit filed in federal court in Florida accuses O'Neal of promoting the unregistered Astral tokens in violation of securities laws.The lawsuit claims that O'Neal repeatedly promoted Astrals NFT on his various social media accounts, but the value of the related tokens and NFTs subsequently experienced a "sharp decline." (Source link)