Shaq Wins Court Battle: Control Allegation in Astrals NFT Case Dismissed!

In Brief:

A Florida court dismissed the allegation that Shaquille O’Neal had control over the Astrals NFT project.

The court ruled that O’Neal was a seller in the Astrals NFT project, not a control person.

Shaquille O’Neal's Legal Victory in Astrals NFT Case

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A Miami court ruled that Shaquille O’Neal was a "seller" in the Astrals NFT project, not a "control person."

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This decision dismissed some charges in the unregistered securities lawsuit from May 2023.

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Astrals NFT Project and Allegations

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Astrals, a Solana-based NFT project, included 10,000 unique avatars promoting investment in Astralverse and a DAO.

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O’Neal promoted the project, allegedly stating the team would push until NFTs hit 30 SOL.

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Despite promoting during the FTX collapse, plaintiffs claimed O’Neal left the project, causing NFT prices to drop.

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The court dismissed the "control person" claim but upheld his role as a "seller." The court also refused to dismiss claims that Astrals NFTs and Galaxy tokens are securities. O’Neal’s response is due by September 12.