Shaquille O’Neal $11M Investor Settlement
Shaquille O’Neal has agreed to settle $11M with investors to resolve claims that he failed to disclose Astrals NFT and token sales were unregistered securities.
In 2022, Shaquille O’Neal was accused of misleading investors by promoting Astrals NFTs and GLXY tokens as a revolutionary metaverse investment. Following the collapse of FTX in November 2022, the project’s reputation declined, and token sales dropped. In 2023, investors accused the project of operating as unregistered securities, and O’Neal faced a lawsuit.
March 2022 – Astrals NFTs and GLXY tokens launched, with Shaquille O’Neal promoting the project as a metaverse breakthrough.
November 2022 – FTX collapsed, damaging Astrals' reputation due to its association with the exchange, leading to a decline in token sales.
April 2023 – Investors filed a lawsuit against O’Neal, claiming that Astrals NFTs and GLXY tokens were marketed as digital collectibles but functioned as unregistered securities.
November 2024 – O’Neal agreed to settle to resolve investor claims.
In March 2022, Shaquille O’Neal co-founded and promoted the Astrals NFT and GLXY token project, presenting himself as the "Astrals Chief Astronaut" and emphasizing substantial returns through blockchain assets. Investors bought into the project, expecting strong financial gains.
However, following the collapse of FTX in November 2022, the project's reputation declined, and token sales slowed significantly.
By February 2023, investors accused the project of misleading them by marketing Astrals NFTs and GLXY tokens as high-return investments while failing to register them as securities.
Following this, in April 2023, Shaquille O’Neal was sued by investors for hiding that Astrals NFTs and GLXY tokens were unregistered securities and that the project misrepresented its viability, leading to significant financial losses.
Shaquille O’Neal has agreed to settle $11M with investors to resolve claims that he failed to disclose Astrals NFT and token sales were unregistered securities.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.
Frequently Asked Questions
All persons who purchased or otherwise acquired Astrals NFTs between May 24, 2022, and January 14, 2025, or purchased Galaxy Tokens (GLXY) before January 14, 2025, and were damaged thereby.
No, if you have purchased securities within the class period, you are eligible to participate.
You can participate in the settlement and retain (or sell) your securities.
The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.
11thestate is an investor recovery company, we help investors to track and collect securities class action settlements. We will:
1. Prepare documents for your payout
2. Audit the claim and make sure you get the maximum possible payout
3. File a claim with the settlement administration
4. Correspond with the settlement administration to resolve emerging issues
5. Deliver payout directly to your brokerage account
There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.