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

American basketball legend Shaquille O’Neal is facing a new lawsuit for promoting Solana-based crypto project Astrals.

According to a class-action lawsuit filed in Florida court by plaintiff Daniel Harper, Shakil cracked the Astrals symbol through posts and videos on his many social media handles.

O’Neal is facing a lawsuit over Project Astrals

According to the lawsuit, Astrals is a 3D NFT collection founded by an NBA celebrity along with his son, Mylers O’Neal. Shaq’s son headed the “Investor Relations” role while his music director, Brian Beatty, served as the project’s CEO.

Building on the Solana Network, Astrals seeks to bring users into an ecosystem that offers gaming and metaverse experiences. These services can be accessed through Solana-based NFT marketplace Magic Eden.

Encouraging users to transact with the Astrals’ native cryptocurrency, the project launched the Shaq Signature Card as an exclusive set of 50 NFTs. These collectibles can only be claimed using the original code.

Harper’s lawsuit, which claims the Astrals tokens are unregistered securities, means the assets will be put to the Howey test. This is a process used to determine whether a cryptocurrency (or any other type of asset) falls under the category of a security or investment contract.

If the Astrals token passes the Howey test, it is classified as a security and must be registered with the US Securities and Exchange Commission (SEC). As such, the SEC will likely take legal action against Astrals and its executives, demanding a settlement.

Not the first

Since joining the industry, O’Neill has found himself in numerous crypto-related lawsuits. Earlier this month, he was involved in a court case related to the collapsed cryptocurrency exchange FTX.

After being called to court over his interaction with FTX, the NBA celebrity stated that the notice was not sufficient, as it was thrown in his moving car and not served at his home.