'I Was Just a Paid Spokesman': Shaquille O'Neal Tries to Distance Himself From FTX Scandal The Big Fella is entangled in the big Sam Bankman-Fried FTX crypto mess.

By Dan Bova Edited by Dan Bova

Roger Kisby | Getty Images

After being named in a class-action lawsuit against the cryptocurrency exchange FTX, NBA Hall of Famer Shaquille O'Neal told CNBC Make It that he was just a celebrity in a commercial and nothing more.

"A lot of people think I'm involved, but I was just a paid spokesperson for a commercial," O'Neal said.

The class-action lawsuit names O'Neal and other celebrities who starred in FTX commercials, including Tom Brady and Larry David, alleging that they "either controlled, promoted, assisted in, [or] actively participated in FTX Trading," which the lawsuit categorizes as a Ponzi scheme.

Related: Former FTX CEO Sam Bankman-Fried Reportedly Spent $2,500 On Food — A Day — in The Bahamas. He Also Owned $40 Million Penthouse.

On Monday, FTX founder and former CEO Sam Bankman-Fried was arrested in the Bahamas. The Bahamian government explained that the arrest "followed receipt of formal notification from the United States that it has filed criminal charges" against Bankman-Fried.

On Tuesday, the Department of Justice announced charges against Bankman-Fried: conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations.

Previous to his commercial appearance, Shaq told CNBC that he didn't believe in crypto: "I don't understand it, so I will probably stay away from it until I get a full understanding of what it is."

He added: "From my experience, it is too good to be true."

Related: 'A Complete Failure of Corporate Control': FTX Corporate Attacks Sam Bankman-Fried in Bankruptcy Filing

In the commercial, however, Shaq says he is "all in" on crypto and asks, "Are you?"

In June of 2021, Shaq told Front Office Sports that he was suspicious of crypto endorsement deals he was being offered.

"I always get these companies that say: 'Hey, we'll give you $900,000 in crypto to send out a tweet.' So I have to say: 'OK, if you're going to give me a million dollars worth of crypto, then why do you need me?'" O'Neal told the outlet.

"A couple of my friends got caught up in a little scam like that one time," he added.

Dan Bova

Entrepreneur Staff

VP of Special Projects

Dan Bova is the VP of Special Projects at Entrepreneur.com. He previously worked at Jimmy Kimmel Live, Maxim, and Spy magazine. His latest books for kids include This Day in History, Car and Driver's Trivia ZoneRoad & Track Crew's Big & Fast Cars, The Big Little Book of Awesome Stuff, and Wendell the Werewolf

Read his humor column This Should Be Fun if you want to feel better about yourself.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

Investment Firm CEO Tells Thousands in Conference Audience That 60% of Them Will Be 'Looking for Work' Next Year

There were over 5,500 people at SuperReturn International 2025, making it the largest private equity event in the world.

Side Hustle

After a 12-Year-Old's Side Hustle Made Over $4,000 in 1 Day, He and His Dad Grew the Business to Nearly $50,000 a Month: 'It Takes Commitment'

Madden Forrest and his father, Steven, turned their passion for football into a lucrative business.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

Here Are the 10 Highest-Paying Jobs For New Graduates With a Bachelor's Degree — and They All Start at Six Figures

According to a new report from Resume Genius, finding a high-paying job as a new grad is possible, even in this market.

Business Solutions

Discover How AI Can Transform the Way You Work With This $20 E-Degree

Learn how to make AI work for you with the ChatGPT and Automation E-Degree, now for just $20.

Employee Experience & Recruiting

I Wish Every Entrepreneur Had a Dad Like Mine

I learned entrepreneurship by silently observing everything my dad did; a true businessman through and through. Here's why I wish every entrepreneur had a dad like mine.