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Tuesday, October 3, 2023

Shaquille O’Neal Requests Dismissal Of FTX Lawsuit

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Retired basketball player Shaquille O’Neal is contesting a lawsuit that alleges he duped investors in FTX cryptocurrency exchange. 

What Happened: O’Neal’s attorneys claim the documents were not properly served, as the plaintiffs’ lawyers threw them at the front of his car as he drove through the gates of his Georgia home, according to Bloomberg.

The lawsuit alleged that several celebrities promoted FTX’s unregistered securities and funneled investors into a Ponzi scheme including O’Neal. 

Despite plaintiffs’ lawyers making numerous attempts to serve him the complaint at various known addresses in Georgia, Texas, and other locations, O’Neal refused to acknowledge receipt of the document. This made him stand apart from other celebrities targeted in the suit who received it.

See More: Is Bitcoin a Good Investment?

Why It Matters: The plaintiffs’ lawyers reportedly decided to try an alternative method when their process server received a threatening text message stating that O’Neal lived in the Bahamas. 

The lawyers then sent the lawsuit to O’Neal electronically via social media, arguing that he was clearly aware of the suit, having denied allegations of wrongdoing related to FTX in an interview with CNBC in December. They also noted that electronic service is permitted under Texas law, but the judge rejected this method.

As per the filing submitted by O’Neal’s legal team on Monday, the plaintiff’s missed their deadline and failed to satisfy legal requirements by tossing the legal papers at O’Neal’s car. Therefore, they requested the judge to dismiss the entire lawsuit against O’Neal.

Read More: Bitcoin, Ethereum, Dogecoin Tumble Amid Binance Congestion Chaos: Analyst Bearish On ETH, Predicts Drop Below $1.7K

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