Shaq becomes latest celebrity to distance himself from FTX, crypto

Former NBA subordinate Shaquille O’Neal is the latest personage influencer to crook his backmost connected disgraced crypto speech FTX.

In June, FTX tweeted details of an endorsement with O’Neal, referring to the four-time NBA Championship victor arsenic Shaqtoshi. The accompanying advert depicted O’Neal wearing a Sam Bankman-Fried wig and talking astir being an mundane feline with an FTX account.

As portion of its selling policy, FTX enlisted galore celebrities and crypto influencers, including Anthony Pompliano, Kevin O’Leary, Larry David, Tom Brady, and Steph Curry.

However, those associated with the bankrupt exchange, O’Neal included, present question to region themselves from the ordeal.

FTX illness was a catastrophe for the industry

On Nov. 11, the FTX radical filed for Chapter 11 bankruptcy pursuing a tally that depleted institution reserves. Days earlier the filing, erstwhile FTX CEO Sam Bankman-Fried denied rumors of insolvency.

Before that, FTX had garnered a estimation for progressive altruism, strengthened by its high-profile personage endorsements.

However, bankruptcy filings revealed mediocre firm controls and questionable practices from the outgoing team, including allegations of comingling users’ funds and inappropriate intercompany transfers.

The projected Digital Asset Anti-Money Laundering Act, brought by Senators Elizabeth Warren and Roger Marshall, called for a harsh response, including broadening the explanation of wealth work businesses to widen the seizure of KYC and identifying “self-hosted wallets.”

Shaq connected harm control

O’Neal was named successful a class-action suit filed against FTX for his relation successful promoting the company. He told CNBC that helium had nary cognition of what was happening astatine the company. Instead, helium was “just a paid spokesperson.”

“I person thing to hide. If I was heavy involved, I would beryllium astatine the forefront saying, ‘Hey.’ But I was conscionable a paid spokesperson.”

In a further effort to region himself, O’Neal told the quality outlet that helium does not judge successful crypto and ne'er did.

The erstwhile NBA pro admitted getting bombarded with crypto endorsement pitches. However, helium said helium was ever cautious arsenic helium did not afloat recognize the technology.

O’Neal did not uncover however overmuch FTX paid him.

The station Shaq becomes latest personage to region himself from FTX, crypto appeared archetypal connected CryptoSlate.