Crypto

FTX wants its former promoters, including Shaq and the Miami Heat, to pay it back

FTX wants its former promoters, including Shaq and the Miami Heat, to pay it back

The shattered cryptocurrency exchange is looking at recuperating money it paid sponsors

FTX is investigating if it can recoup the millions of dollars paid to celebrities like Shaquille O’Neal, Naomi Osaka, and other high-profile people and sports teams that promoted the bankrupt crypto exchange before it failed last November.

In the 180+ page court filing dated August 31, FTX financial advisers provided a detailed list of celebrities and businesses to see if bankruptcy rules allow it to reverse the payments. Included on the list is the $750,000 paid to former NBA star Shaquille O’Neal, over $270,000 to former Red Sox star David Ortiz, over $200,000 to Jacksonville Jaguars quarterback Trevor Lawrence, and more than $300,000 paid to tennis pro Naomi Osaka.

Sports franchises on the list included the nearly $420,000 paid to the Golden State Warriors and over $250,000 paid to the Miami Heat. The filing also warns that the final amount FTX recovers from these actions “may vary materially from the amount reported.”

Many of these celebrities also face class-action lawsuits seeking damages from former FTX users. The Golden State Warriors, O’Neal, and Osaka are facing suits from groups of FTX customers for allegedly promoting an exchange that allegedly sold unregistered securities.

FTX has launched a series of lawsuits, with the latest on September 9 filed against cross-chain protocol LayerZero Labs to attempt to recover $21 million that FTX says was withdrawn illegally before it went bankrupt last November.

It also sued co-founder Sam Bankman-Fried and other former top executives this past July to get back the more than $1 billion in funds that they allegedly misappropriated.

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