Shaquille O’Neal Settles FTX Lawsuit, Russian Exchange Raided, $126M XRP Moved

Shaquille O’Neal Settles With FTX Investors Over Failed Crypto Exchange Promotion

Shaquille O’Neal has reached a settlement agreement with a group of FTX investors who accused him of enabling fraud by promoting the now-defunct crypto exchange, according to a court filing reported by CoinDesk. The specific details of the settlement, including the amount O’Neal will pay, have not been disclosed. Plaintiffs in the case are seeking up to $21 billion in total damages from O’Neal and other celebrity promoters, former executives, and insiders.

O’Neal is among several high-profile figures named in the class action suit, including tennis player Naomi Osaka, baseball player Shohei Otani, basketball player Steph Curry, retired football player Tom Brady, comedian Larry David, Shark Tank star Kevin O’Leary, and model Gisele Bundchen. While O’Neal is the first major defendant to settle in 2024, seven other celebrity promoters and former executives, such as Jaguars quarterback Trevor Lawrence and YouTubers Tom Nash, Graham Stephan, and Andrei Jikh, settled in 2023 for a collective $1.4 million. Notably, this is not O’Neal’s first settlement related to failed crypto projects; last year, he and associates agreed to pay $11 million to Astral NFT holders who lost money in a Solana-based project he promoted.

• O’Neal is the first major celebrity to settle in 2024.
• Other celebrity defendants remain in the case.

Summary: Shaquille O’Neal has settled with FTX investors over his role as a celebrity promoter, with the settlement amount undisclosed. Plaintiffs are seeking up to $21 billion in damages from all defendants, and previous settlements in the case totaled $1.4 million. (Source: CoinDesk)

Russian Crypto Exchange Mosca Raided Amid Cash-to-Crypto Ban Discussions

The Russian crypto exchange Mosca, which allows investors to buy up to 100,000 USDT with cash daily, was raided by law enforcement on April 23, as reported by Cointelegraph. The raid was connected to a fraud case involving one of Mosca’s customers, though the exchange could not confirm if it was related to a recent $6 million fraud scheme. Dmitry Titarenko, Mosca’s development head, stated that law enforcement conducted a standard procedure of checking customer data.

The raid followed online reports linking several arrests of Mosca customers to a crypto robbery, where a victim reportedly handed over 421 million Russian rubles (about $5.1 million) to fraudsters. At least seven people were arrested in connection with the case. The event comes as the Russian government considers banning cash-to-cryptocurrency transactions, a move that Evgeny Masharov of the Russian Civic Chamber claims would be a “massive blow to fraudsters.”

• Mosca has increased its Anti-Money Laundering and Know Your Customer checks.
• The raid occurred during the Blockchain Life event, where Mosca was a main guest and won “best crypto exchange service.”
• Other exchanges in Moscow City, such as Garantex, have also faced law enforcement actions.

Summary: Mosca’s office was raided amid ongoing discussions about banning cash-to-crypto transactions in Russia, following a high-profile fraud case involving $5.1 million. The exchange maintains it is strengthening compliance measures. (Source: Cointelegraph)

$126 Million in XRP Moved Off Top Crypto Exchange: Market Speculation Rises

According to U.Today, a significant transfer of 57,304,617 XRP, valued at nearly $126.79 million, was moved from the leading crypto exchange Bitstamp to an unknown wallet. This large-scale movement has sparked speculation that the holder may be planning to store the asset securely for the long term, possibly in a hardware wallet. This transaction is one of the largest single XRP movements in recent weeks, drawing the attention of crypto analysts due to the anonymity and size of the transfer.

Despite the massive transfer, XRP’s price has remained relatively stable, currently trading at $2.19, a decrease of 0.79% in the last day. The trading volume for XRP during this period was $3.34 billion, though this represents a 20% decrease over the last 24 hours. The price has fluctuated within a narrow range between $2.18 and $2.20 on April 25, 2025. Additionally, another transfer of over 29.5 million XRP (worth $65.35 million) from an unknown wallet to Coinbase was reported on April 24. These movements coincide with positive developments in Ripple Labs’ legal case with the U.S. SEC and increased adoption of XRP for cross-border payments. Notably, the XRP Ledger saw its highest network fees in the last 10 days on April 24.

• XRP price: $2.19 (down 0.79% in 24 hours)
• Trading volume: $3.34 billion (down 20% in 24 hours)
• Price range on April 25: $2.18–$2.20
• Highest XRP Ledger network fees in 10 days recorded on April 24

Summary: Over $126 million in XRP was moved from Bitstamp to an unknown wallet, with another $65.35 million transferred to Coinbase, amid stable prices and high trading volumes. These movements are being closely watched by analysts. (Source: U.Today)

Coinbase Calls for End to State Lawsuits Over Crypto Staking

Coinbase is urging an end to the remaining state lawsuits targeting its staking services, arguing that residents in five U.S. states are missing out on tens of millions of dollars in staking rewards due to ongoing litigation, as reported by The Hill. In a blog post, Ryan VanGrack, Coinbase’s vice president of legal and head of global litigation, stated that it is time for these states to “catch up” with the Securities and Exchange Commission (SEC), which has dropped its staking case against Coinbase with prejudice.

Ten states and the SEC originally sued Coinbase in June 2023, alleging violations of securities laws through its staking program. While five states—Illinois, Kentucky, South Carolina, Vermont, and Alabama—have dropped their suits following the SEC’s decision, California, New Jersey, Maryland, Washington, and Wisconsin continue to pursue legal action. Four of these five states still have cease-and-desist orders in place, preventing Coinbase from staking new assets for users. Coinbase estimates that residents have missed out on about $90 million or more in staking rewards since June 2023, and warns that this figure will rise as long as the bans remain.

• Coinbase maintains its staking services are not securities and that no user has lost money through the process.
• The SEC’s shift in approach follows a change in administration, with President Trump pledging to make the U.S. the “crypto capital” of the world.
• Coinbase is launching a video campaign to highlight the issue, with a 26-second clip outlining the estimated lost rewards.
• Oregon has filed a separate suit accusing Coinbase of encouraging the sale of unregistered cryptocurrencies.

“As everyone knows, the war against crypto waged by the previous SEC and its allies is over—crypto won,” said Coinbase Chief Legal Officer Paul Grewal.

Summary: Coinbase is calling for an end to state-level lawsuits over its staking services, estimating that residents have missed out on at least $90 million in rewards. The SEC and several states have dropped their cases, but five states continue legal action. (Source: The Hill)

Sources:

• Shaq Inks Deal to Settle With FTX Investors Over Boosting Failed Crypto Exchange
• Russian crypto exchange Mosca raided amid cash-to-crypto ban talks
• Top US Crypto Exchange Coinbase Adds Brand-New On-Chain Social Media Altcoin to Listing Roadmap
• $126 Million in XRP Moved Off Top Crypto Exchange: Something Big Coming?
• The Challenge from Crypto Exchange Is Here: Can FX and CFDs Brokers Survive?
• Coinbase calls for the end of the ‘war on staking’