Shaquille O’Neal is one of the greatest players in the NBA. His 7-foot stature had the upper hand on opponents even before playing them. The 15-time All-Star earned an impressive $292 million in salaries from the NBA. But what is more impressive is converting it into a $400 million fortune. But one of his investments went south recently, as the company filed for bankruptcy, terminating many contracts with huge organizations.

The popular crypto company FTX, went Bankrupt recently. It took with it a lot of celeb fortunes, including NBA legend Shaquille O’Neal and superstar Stephen Curry. This was followed by the termination of the contract with the Miami Heat.

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FTX reportedly lost the money of millions of customers and shareholders. The downward spiral is being compared to the ‘Lehman Brothers’ moment, drawing parallels to the Bank’s crash in the 2008 Financial crisis. FTX was once valued at an estimated $32 billion.

Shaquille O’Neal losing a fortune with FTX

FTX had a lot of celebrity equity shareholders, some from the world of the NBA. Shaquille O’Neal and Stephen Curry were the faces of the company as they appeared in many commercials for FTX. FTX’s links with NBA extend further as they bought the naming rights to the arena of the Miami Heat in 2021. Alas, that comes to a halt as the Heat decided to terminate their relationship with the former crypto giant.

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Miami Heat home court was named ‘FTX arena’ in 2021 and will remain the same at least till Saturday’s game against the Charlotte Hornets, as reported by Brian Windhorst of ESPN. 

Stephen Curry linked his charity with the crypto giant, making him part of a bigger loss. Other celebrities and sports stars are also involved with the company, namely former couple Tom Brady and Gisele Bündchen, Naomi Osaka, and Aaron Jones.

There were deals with Washington Wizards and Golden State Warriors, adding to their existing deals in the NBA. The deals of the crypto company extended to other sports as well, with ongoing deals in the MLB and Formula One. 

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The crypto exchange giant has also reportedly lost $1 billion of customer funds, adding to all the money already lost. The CEO, Samuel Bankman-Fried, lost $13 billion in the aftermath. As the firm filed for bankruptcy, he quit.