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The American basketball legend Shaquille O’Neal has defended his appearance in ads for the collapsed cryptocurrency firm FTX, arguing he was “just a paid spokesperson”.
The NBA star turned television analyst was named in a class-action lawsuit against the exchange last month, which alleged stars who promoted the platform brought it credibility.
It argues that the likes of O’Neal, NFL veteran Tom Brady, comedian Larry David and tennis player Naomi Osaka were therefore just as culpable as Sam Bankman-Fried, the FTX founder, who has been charged over its downfall.
O’Neal, who appeared in an ad for the company in June, has insisted he had no real involvement.
“A lot of people think I’m involved, but I was just a paid spokesperson for a commercial,” he told CNBC Make It.
He added that “from my experience, it [crypto] is too good to be true”.
“I don’t understand it, so I will probably stay away from it until I get a full understanding of what it is,” he said.
Read more:
How FTX founder went from £21bn empire to charges
How did FTX leverage star power?
Key to FTX becoming one of the world’s biggest digital currency exchanges was its simple interface, making it easy and simple for people to start buying cryptocurrencies using traditional money.
Its rise with the unconventional Bankman-Fried at the helm took it to a peak value of $26bn (£21bn), as it secured naming rights for sports stadiums and a growing list of celebrity endorsements.
In a June advert, O’Neal said he was “partnering with FTX to help make crypto accessible to everyone”.
Telling viewers he checked his FTX account every day, he added: “I’m all in. Are you?”
O’Neal, 50, told CNBC he was not “heavily involved” with the company or cryptocurrency in general.
“People know I’m…
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