American basketball legend Shaquille O’Neal has defended his appearance in an ad for defunct cryptocurrency firm FTX, saying he was “just a paid endorser.”
The NBA star turned TV analyst Named in a class-action lawsuit against the exchange last monththe stars who promote the platform are said to bring credibility to it.
It thinks that people like O’Neill, NFL Veteran Tom Brady, comedian Larry David and tennis player Naomi Osaka Therefore, with Sam Bankman-FredThis Soar founder, who was charged for its downfall.
O’Neal, who appeared in a company ad in June, insisted he wasn’t really involved.
“A lot of people think I’m involved, but I’m just a paid spokesperson for the ad,” he told CNBC Make It.
He added, “In my experience, it [crypto] Too good to be true.”
“I don’t understand it, so I’ll probably stay away from it until I fully understand what it is,” he said.
How the FTX founder went from a £21bn empire to fees
How does FTX take advantage of the star effect?
The key to FTX becoming one of the largest digital currency exchanges in the world is its simple interface, making it easy and simple for people to start buying cryptocurrencies with traditional currencies.
With the unconventional Bankman-Fried at the helm, its rise has seen its value peak at $26bn (£21bn), as it secures stadium naming rights and a growing list of celebrity endorsements.
In a June ad, O’Neill said he was “working with FTX to help make crypto accessible to everyone.”
He told the audience that he checks his FTX account every day, adding: “I’m all for it. How about you?”
O’Neill, 50, told CNBC that he’s not “significantly involved” with companies or cryptocurrencies in general.
“People know I’m very, very honest. I have nothing to hide,” he said.
“If I were involved, I’d be at the forefront and say, ‘Hey.’ But I’m just a paid spokesperson.”
He added that he has rejected other proposals in favor of cryptocurrencies, which face calls for increased regulation as the government grapples with the FTX crisis.
SEC labels it “one of the largest financial frauds in U.S. history,” leaves Bankman-Fried Faces up to 115 years in prison If convicted on all eight counts of fraud and violations of campaign finance laws.
A lawsuit to name FTX’s celebrity endorser has been filed in the Southern District of Florida.
It claimed the company used “some of the biggest names in sports and entertainment” to help “maintain the entire scheme”.