Shaq — who starred in an FTX commercial in June — says he 'was just a paid spokesperson' for the exchange and doesn't believe in crypto

According to a Thursday report by CNBC's Make It, the NBA legend said he doesn't believe in cryptocurrencies and was paid to endorse the FTX exchange.

A lot of people think I'm involved, but I was just a paid spokesman for a commercial

The former basketball player is an angel investor and businessman. O' Neal said he was excited to work with the exchange to make it accessible to everyone.

I'm here." Is it true that you are? The ad features O' Neal.

—FTX (@FTX_Official) June 1, 2022

One of the reasons he agreed to appear in the FTX ad was his friendship with Stephen Curry, according to CNBC. Curry's representatives did not reply to Insider's request.

I'm very honest. O' Neal said that he had nothing to hide. I would be at the forefront if I was involved. I wasn't a paid spokesman.

O' Neal was asked if he was bullish on the digital currency.

A class-action lawsuit was filed against FTX, its big-name endorsers, and its founder, Sam Bankman- Fried, on November 15.

According to court documents seen by Insider, the investor alleges that FTX used celebrities such as O' Neal, Curry, and Bndchen to lure investors to a Ponzi scheme.

John Ray, the new CEO of FTX, reported a number of gross mismanagement practices at the firm.

Bankman-Fried was accused by the SEC of funneling billions of dollars of customer funds into his own fund.

O'Neal warmed this year to the idea of endorsing crypto

Prior to appearing in the FTX commercial, O' Neal had expressed skepticism towards cryptocurrencies. He told CNBC that he didn't know anything about the digital currency.

He said he would probably stay away from it until he knew what it was.

He told Front Office Sports in June that he wasn't sure if he wanted to do endorsements.

I get companies that say they will give you $900,000 to send a message. Why do you need me if you are going to give me a million dollars? O' Neal spoke to the outlet. A few of my friends were caught up in a scam.

However, he started teasing the idea of getting involved in crypto-related content in February, suggesting that he could change his handle to SHAq.SOL.

The NBA hall of fame member did not say how much money he got for his appearance in the FTX commercial.

Insider's request for comment was not immediately responded to by representatives for O' Neal.