The recent collapse of the cryptocurrency firm FTX due to alleged financial fraud of its users has rippled through the sports world. The FTX logo is still displayed on the Miami Heat arena floor and many celebrities and former athletes have had to distance themselves from the firm since the allegations were made.
A recent class-action lawsuit named Shaquille O’Neal along with other pro athletes against FTX for bringing credibility to their digital crypto currency exchange. Shaq made sure distanced himself from the firm and the general concept of crypto when he was asked about the nature of his 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.
Shaq endorses quite a few products and services. It’s hard to go a few hours without seeing him on a commercial for a product that could be just about anything. When he says he endorsed this crypto service without really understanding it, it’s easy to believe. The big fella should probably stick to endorsing pizza, printers, and car insurance while he gets up to speed on the latest digital currency.