Shaquille O’Neal, the popular basketball star and media personality, is facing a trial due to his involvement in the Astrals NFT project. A class action complaint has been filed against him, accusing him of offering and selling unregistered securities, including tokens and NFTs.
Astrals, launched on the Solana Network in March 2022, introduced 10,000 NFTs that served as avatars in the Astralverse. However, as the market took a downturn, the floor price of the NFTs plummeted from its peak of 16 $SOL in April 2022 to the current lowest price of 1.22 $SOL.
According to the complaint filed by Daniel Harper, Shaq promoted the sale of unregistered securities in the form of NFTs and the platform’s $GLXY utility token. The argument put forth is that these assets should be considered “securities” rather than simply colorful digital images for the Metaverse.
Members of the NFT community quickly discovered the plaintiff’s wallet address and revealed that they were an active NFT collector in the Solana space. Their collection included items such as a “Not Bored Ape,” “Okay Gods,” “DeY00ts,” and a .SOL domain name. If the plaintiff is indeed the owner of this wallet, their continued involvement with “unregistered securities” could be a significant factor in the trial.
This is not the first time Shaq has faced legal consequences related to his blockchain activities. In addition to the ongoing trial, he is also facing charges for promoting the FTX empire, which famously collapsed last year.