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NBA legend Shaquille O’Neal signs $11M Astrals NFT settlement

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Basketball legend Shaquille O’Neal has reached a settlement in a lawsuit over his involvement with the Astrals NFT project. O’Neal, along with several other celebrities, had been accused of misleading investors by promoting the NFT collection without properly disclosing their financial interests. The settlement, which resolves the legal dispute, comes after a lengthy legal battle regarding the marketing and promotion of the Astrals NFT project, which faced allegations of fraud and deceptive practices.

As part of the settlement, O’Neal has agreed to compensate affected investors, although the exact financial terms have not been disclosed. The lawsuit centered on claims that O’Neal and other high-profile figures misrepresented the NFT project to their followers, leading to substantial financial losses when the value of the NFTs plummeted. The case highlights ongoing concerns about celebrity endorsements in the emerging NFT space, with regulators increasingly scrutinizing the roles of public figures in promoting digital assets.

O’Neal, who had previously denied any wrongdoing, is one of several celebrities who have faced legal challenges related to NFTs and cryptocurrency endorsements. The rise of NFTs has attracted a wide range of influencers and celebrities eager to capitalize on the digital art and collectibles market, but the volatility of these assets has led to legal disputes over transparency and accountability. This settlement may set a precedent for how celebrity involvement in such projects is handled legally moving forward.

The resolution of the case provides a sense of closure for the parties involved, but it also raises important questions about the responsibilities of celebrities in endorsing financial products. As the NFT market continues to grow, the incident serves as a reminder of the potential legal risks for high-profile figures who promote digital assets without full disclosure. Moving forward, this settlement could influence how similar cases are approached, particularly as the legal landscape for NFTs and digital assets continues to develop.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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