As attention focuses on a TV ad in which he strongly endorsed the FTX, which collapsed last month along with billions in customers' money, NBA legend Shaquille O' Neal is in damage control.
A class-action lawsuit was filed against the company after O' Neal was featured in a commercial.
In the ad, O' Neal said he was all in. Is that you?
Gisele Bundchen, Stephen Curry, and Tom Brady are accused of participating in a plot to aggressively market the company.
Celebs are trying to clear their name.
Curry told O' Neal to do the ad.
A lot of people think I'm involved, but I'm just a paid spokesman for a commercial
In September 2021, O' Neal told CNBC that he wouldn't be coming to the show. The FTX commercial ran in June.
He said at the time that it was too good to be true and that he had already turned down other offers.
The celebrities are trying to distance themselves from the lawsuit. The exchange's value was wiped out in a matter of days.
Sam Bankman- Fried, the company's former CEO, was arrested by the authorities in the Bahamas.
Is it true that celebrities are guilty of shilling what later turned out to be a huge scam?
They may be able to get away with it. It's morally questionable to encourage poorly informed and less wealthy retail investors to take on financial risk.
He distanced himself from the FTX collapse, saying that he was just a paid spokesman.
There is more on the saga.
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