Lawyers Struggling To Serve NBA Superstar In FTX Case – Cryptopolitan

The legal team is reportedly representing victims of the sudden outage of the FTX exchange last month encounter Difficulty delivering legal papers to retired NBA star and FTX ambassador Shaquille O’Neal. The incident justifying this happened on March 25, when the FTX exchange experienced technical difficulties that resulted in a sudden and unexpected outage lasting several hours. As a result, traders and investors were unable to access their accounts or execute trades during this period, leading to potential financial losses.

Attorneys representing FTX clients cannot reach Shaq

After the incident, several traders filed a class action lawsuit against FTX for negligence, demanding compensation for their losses. The lawsuit also named Shaquille O’Neal as a defendant because he serves as a brand ambassador for FTX.

However, the legal department is reportedly having trouble getting the legal papers delivered to Shaq because he has been difficult to reach. Lawyers have tried to deliver the papers to his home and office, but to no avail. They also tried to reach him through his representatives and legal team but received no response.

This isn’t the first time Shaq has faced legal troubles related to his involvement in FTX. In February, the Securities and Exchange Commission (SEC) accused FTX of violating federal securities laws by offering and selling unregistered cryptocurrency-based derivatives products. Shaq was also named in the SEC’s lawsuit for promoting FTX’s products on his social media channels without disclosing that he was being paid to do so.

O’Neale and other celebrities have reportedly received payments to endorse FTX

Based in Hong Kong with offices in several other countries, the FTX exchange has become one of the most popular cryptocurrency exchanges in the world in recent years. The exchange offers a wide range of trading products and has attracted a large following among cryptocurrency traders and investors.

However, the exchange has also faced several challenges and controversies in recent months. In addition to the March downtime and the SEC lawsuit, the exchange has also faced allegations of market manipulation and insider trading.

These allegations are unproven, but have contributed to a negative perception of the exchange in some quarters. The Shaq incident also highlights the potential legal risks associated with celebrities in the cryptocurrency industry.

While celebrity endorsement can be a powerful way to promote a product or service, it can also result in legal obligations if the celebrity fails to properly disclose their affiliation with the company. In the case of Shaq and FTX, the legal issues appear to be ongoing and it remains to be seen how the court case will unfold.

Other celebrities who have been paid to endorse the company will also reportedly be served in the coming days. Meanwhile, attorneys are still hoping that Shaq will be present to receive the court documents, despite previous attempts to reach him at home, at his office and through his representatives and legal team.