Shaquille O’Neal, Himself Involved in $32B FTX Scandal, Calls Out Jake Paul for Illegal Crypto Activities
Shaquille O’Neal, worth $400 million, has partnered with numerous brands to earn more money outside of playing in the NBA.
One of those brand partnerships was with FTX, a cryptocurrency exchange, that has since become embroiled in a $32 billion scandal.
Despite this connection, Shaquille O’Neal has called out Jake Paul, Soulja Boy, and Lil Yachty for promoting crypto illegally.
Shaquille O’Neal shared the news on his Instagram story, where he frequently posts updates.
Jake Paul, Soulja Boy, and Lil Yachty have all faced scrutiny for promoting cryptocurrency without disclosing they were being paid to do so.
The Federal Trade Commission (FTC) has issued warnings to influencers about the need to disclose promotional relationships with companies.
While Shaquille O’Neal did not face any charges related to his promotion of FTX, his criticism of other creators’ roles in promotional capacities may be seen as hypocritical.
The use of social media influencers to promote cryptocurrency has been a growing trend, but it has come under increased scrutiny due to concerns about transparency and regulation.
The controversy surrounding Jake Paul, Soulja Boy, and Lil Yachty’s promotional activities highlights the need for greater transparency and accountability in the use of social media influencers for promotional purposes.