NBA Star Shaquille O'Neal Faces Lawsuit for Promoting Solana-Based Crypto Project Astrals

NBA Star Shaquille O’Neal Faces Lawsuit for Promoting Solana-Based Crypto Project AstralsO’Neal has been summoned to court again over his involvement in promoting Astrals token, an alleged unregistered security.

American basketball legend Shaquille O’Neal is facing a new lawsuit for promoting the Solana-based crypto project, Astrals. According to the class action lawsuit filed with a Floridan court by plaintiff Daniel Harper, Shaquille shilled the Astrals token through posts and videos on several of his social media handles., Astrals is a 3D-modeled NFT collection founded by the NBA celebrity alongside his son, Mylers O’Neal. Shaq’s son headed the role of “Investors Relations” while his music manager, Brian Bayati, acted as the project’s CEO.

Encouraging users to engage with Astrals’ native cryptocurrency, the project launched the Shaq Signature Pass as an exclusive 50-piece collection of NFTs. These collectibles can only be claimed with the native token.Harper’s lawsuit, which claims that Astrals tokens are unregistered securities, means that the assets will be subjected to the. This is a process used to determine whether a cryptocurrency falls under the category of security or an investment contract.

If the Astrals token passes the Howey test, it will be classified as a security and must be registered with the United States Securities and Exchange Commission . As such, the SEC will likely take legal action against Astrals and its executives, demanding a settlement.Since joining the industry, O’Neal has found himself in several crypto-related lawsuit cases.

Source: Law Daily Report (lawdailyreport.net)

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