FTX Shells Out Roughly $750K To Shaquille O'Neal Amid Multi-Million Dollar Celebrity Endorsements
Portfolio Pulse from Mehab Qureshi
Bankrupt cryptocurrency exchange FTX has reportedly paid nearly $750,000 to former NBA player Shaquille O’Neal, along with other celebrities, as part of its marketing efforts. The payments were disclosed in court documents related to FTX's ongoing bankruptcy proceedings. Several of these celebrities, including O’Neal, are already embroiled in lawsuits filed by FTX creditors over their promotion of the company. FTX’s current management is exploring strategies to reclaim the funds paid to promoters to balance its significant debts.

September 11, 2023 | 9:04 am
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The news about FTX's bankruptcy and its efforts to reclaim funds may create uncertainty in the crypto market, potentially affecting Bitcoin's price.
The news about FTX's bankruptcy and its efforts to reclaim funds from celebrities could create uncertainty in the crypto market. This uncertainty could lead to increased volatility, potentially affecting Bitcoin's price in the short term.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50