Shaq Settles in Silence: $11M NFT Deal Ends Legal Battle

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📈 Preview On Today’s News:

1. - Shaq Settles in Silence: $11M NFT Deal Ends Legal Battle

2. - Shadow Over Binance: Zhao Rebuts Money Laundering Claims Amid Rising Scrutiny

3. - Digital Dreams, Real Losses: $9.7M Vanishes in NFT Collapse

Keep reading below for more!

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Today’s News:

1)

Shaq Settles in Silence: $11M NFT Deal Ends Legal Battle

Shaquille O’Neal has secured final court approval for an $11 million settlement to resolve a class-action lawsuit involving the Astrals NFT project, which he co-founded and promoted. The lawsuit accused O’Neal of promoting unregistered securities, resulting in investment losses for buyers of the Solana-based NFTs and its native GLXY token. The Florida federal court-approved deal includes a compensation fund for affected buyers who invested between May 2022 and mid-January 2023, alongside $2.9 million in legal fees. Despite its celebrity backing, the Astrals project has seen no marketplace activity for two years, highlighting the broader decline in NFT market interest.

• Shaquille O’Neal settled a class-action lawsuit for $11M over promoting the now-defunct Astrals NFT project, which was accused of being an unregistered securities offering.

• The court-approved agreement includes compensation for investors and legal fees, amid an NFT market still struggling in bear territory.

2)

Shadow Over Binance: Zhao Rebuts Money Laundering Claims Amid Rising Scrutiny

Binance founder Zhao Changpeng has publicly denied allegations of money laundering, emphasizing a distinction between failing to prevent money laundering and actively engaging in it. In a direct response to recent media scrutiny and regulatory pressure, Zhao asserted that all customer assets remain secure and that Binance continues to prioritize compliance. He also addressed speculation surrounding his connection with crypto figure Justin Sun and suggested that recent criticism may stem from orchestrated smear campaigns. Despite mixed reactions from the market, Binance launched new perpetual contracts as part of its growth strategy, with BNB experiencing short-term price recovery but facing long-term volatility under regulatory watch.

• Zhao Changpeng denied money laundering accusations, reaffirmed customer asset security, and emphasized Binance's regulatory compliance efforts.

• BNB saw short-term gains following Binance’s product expansion, but ongoing regulatory scrutiny continues to influence investor sentiment and market stability.

3)

Digital Dreams, Real Losses: $9.7M Vanishes in NFT Collapse

A high-profile crypto investor suffered a devastating $9.73 million loss after selling a prized NFT from the CryptoPunk collection for a fraction of its original price. Purchased in early 2024 for 4,500 ETH (then worth $15.79 million), the NFT was later sold for just 500 ETH as Ethereum’s value plunged by over 57%. This incident highlights the extreme volatility in the NFT market and underscores how Ethereum’s price swings amplify investment risk. With Ethereum’s Market Value to Realized Value (MVRV) ratio falling below 1.0, most investors are currently underwater—revealing that even iconic digital assets offer no immunity from broader market downturns.

• A CryptoPunk NFT originally bought for $15.79 million was sold for just $1.5 million, resulting in a $9.73 million loss due to a combination of market decline and Ethereum’s sharp devaluation.

• Ethereum’s 57% drop over the past year and a sub-1.0 MVRV ratio indicate widespread investor losses, intensifying risk in NFT and crypto asset investments.

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