Shaq becomes latest celebrity to distance himself from FTX, crypto

Hull Invest

Former NBA player Shaquille O’Neal is the latest celebrity influencer to turn his back on disgraced crypto exchange FTX.

In June, FTX tweeted details of its endorsement with O’Neal, calling the four-time NBA championship winner Shaktosh. advertise It depicts O’Neil in a Sam Bankman-Fried wig talking about being an everyday guy with an FTX account.

As part of its marketing policy, FTX enlisted Anthony Pompliano, Kevin O’Leary, Larry David, Tom Brady, Steph Curry and many other celebrities and cryptocurrency influencers are participating.

However, those associated with the bankrupt exchange, including O’Neill, are now trying to distance themselves from the ordeal.

The collapse of FTX was a disaster for the industry

On November 11, FTX Group filed for Chapter 11 bankruptcy after exhausting the company’s reserves. Days before the filing, former FTX CEO Sam Bankman-Fried denied bankruptcy rumors.

Prior to that, FTX had earned a reputation for progressive altruism, bolstered by high-profile celebrity endorsements.

However, the bankruptcy filing uncovered poor company controls and questionable practices from the departing team, including commingling of user funds and allegations of improper intercompany transfers.

was suggested Digital Asset Anti-Money Laundering LawBrought in by Senators Elizabeth Warren and Senators Roger Marshall.

Shack on damage control

O’Neal was named in a class action lawsuit filed against FTX for its role in promoting the company. He told CNBC that he knew nothing about what was going on at the company. Instead, he was “just a paid spokesperson.”

“I have nothing to hide. But I was just a paid spokesperson. “

In a further attempt to distance himself, O’Neill said he does not believe in cryptocurrencies and has never believed in them.

The former NBA pro admitted he was bombarded with crypto endorsement pitches.

O’Neal did not disclose how much FTX paid him.

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