Shaquille O’Neal Loses Bid to Defeat Suit Over Astrals Tokens

Shaquille O’Neal was a “seller” of Astrals and Galaxy nonfungible tokens if the allegations presented in a suit over the digital assets’ collapse prove correct, and the tokens meet the definition of securities, a federal court ruled Friday.

The token holders who brought the suit “have plausibly alleged that they were led to reasonably expect profits from the Astrals purchases” and have satisfied other aspects of a legal test for whether something is a security, Judge Federico A. Moreno said for the US District Court for the Southern District of Florida. The ruling allows a claim for the sale of ...