Judge Considers Dismissing Shaquille ONeal and Naomi Osaka from FTX Lawsuit

In recent news, a federal judge in Florida, United States, is considering dismissing former NBA superstar Shaquille O’Neal and tennis athlete Naomi Osaka from the FTX lawsuit. The judge pointed out that it is unclear whether the two sports stars have been served, and instructed the plaintiffs to provide cause as to why O’Neal and Osaka should not be dismissed from the suit. The judge gave the FTX customers until December to show cause.

In another order issued on March 9, U.S. District Judge Kevin Moore reprimanded other celebrity defendants, including Tom Brady, Gisele Bündchen, Kevin O’Leary, David Ortiz, and Trevor Lawrence, for not following proper procedure in requesting a time extension for a scheduled conference. The judge clarified that the request should have come from the plaintiff’s side, and instructed the conference to proceed as scheduled, or for the plaintiff to move for an extension of time to hold the conference.

As cases against FTX continue to pile up, some plaintiffs have requested the consolidation of lawsuits against the bankrupt exchange. However, on March 8, U.S. District Judge Jacqueline Corley denied the consolidation request, highlighting that the defendants have not yet been allowed to respond. This means that the lawsuits will proceed separately for now.

On the same day, lawyers representing former FTX CEO Sam Bankman-Fried noted that it might be necessary to push back the criminal trial scheduled to start in October 2023. While the lawyers did not formally request a date change, they pointed out that it may be needed because they are still waiting for evidence to be turned over, and Bankman-Fried accumulated more charges in February.

The FTX lawsuit was filed by customers who claimed that the cryptocurrency exchange had been involved in illegal market manipulation and trading practices that caused them financial harm. FTX has denied the allegations and filed a motion to dismiss the lawsuit. The case is still ongoing, with multiple parties involved in the proceedings.

Overall, the FTX lawsuit continues to be a complex and evolving legal matter, with various parties involved in the proceedings. The recent developments highlight the need for proper procedure and adherence to court orders, as well as the potential for further delays in the criminal trial involving former FTX CEO Sam Bankman-Fried. It remains to be seen how the case will unfold in the coming months.


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Kevin O’Leary Says ‘No Choice with Crypto’ After as US Inflation Burns Hot

After a release of key U.S. inflation data published on Thursday, the market saw Bitcoin dropping its price below $19,000 per coin. However, that did not move well-known investor and “Shark Tank” star Kevin O’Leary as he appeared shrugging it off and focusing on the long game.

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In his LinkedIn post on Thursday, O’Leary said the crypto opportunity is more like a take-it-or-leave-it offer. “You can’t stop it, you either join the wave or get lost!” he stated on popular social media. He said people have no choice but to get along with cryptocurrency irrespective of the criticism.

“There are people that criticize me on this, but this is one of the reasons I feel so strongly about the future of crypto and NFTs. When you have new technology emerging that can drastically boost our level of productivity and improve how we process transactions globally, you have no choice but to get with it,” O’Leary further elaborated on his conviction about the new asset class.

His comments came after crypto prices plunged to new October lows on Thursday after fresh US data showing global inflation climbed higher – a macro event that further eroded slowing demand for risky assets. Bitcoin dropped as much as 5.1% on Thursday to $18,201, its lowest in about three weeks, while Ether declined as much as 8.2%.

Bitcoin dropped below $19,000 on Thursday as traders anxiously awaited the latest figures of the consumer price index (CPI). The cryptocurrency dropped more sharply after the report came in, indicating a slightly larger-than-expected rise in inflation, despite the aggressive rate hikes the Federal Reserve has introduced to fight rising prices.

In recent years, O’Leary has become a big crypto advocate after buying his first Bitcoin in 2017 – since then, he’s fully embraced the world of blockchain. Despite the ongoing market downturn, the “Shark Tank” star is not ready to call a bottom in the digital asset industry a kind of a major negative occurrence.

In June, O’Leary shared his market outlook and investment strategy during this bear market. He was not sweating the bear market as he believed the winter will end up lifting up the entire sector in the long run.

O’Leary who is a strategic investor at crypto-trading platform WonderFi Technologies Inc., explained that he has been doubling down on digital assets, including Bitcoin and ether, as well as various Web3 projects even though he knows that not every investment will be a winning bet.

O’Leary approaches cryptocurrency like he would any other investment. This means crypto is part of a balanced portfolio with a mix of sectors and specific assets. His portfolio reflects his bullishness for blockchain technologies. He currently holds 32 positions in the crypto space, including Solana and blockchain firm Polygon.

The crypto bear market has slammed valuations of his digital assets, currently, the new asset class makes up 16% of his holdings, down from 20% in March.

Image source: Twitter, Shutterstock


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Shark Tank Investor Kevin O’Leary Says Solana (SOL), Polygon (MATIC) and Hedera (HBAR) Have ‘Large’ Potential

Shark Tank star and billionaire investor Kevin O’Leary sees several leading altcoins that he believes have the potential to add problem-solving value as the blockchain world expands and evolves.

In an interview with Anthony Pompliano on The Best Business Show, O’Leary says cryptocurrencies should be viewed as functional “software” rather than simply alternate forms of money.

When it comes to determining which blockchain projects to pursue, the investor says he relies on the same process of vetting teams and vision as with traditional software companies. He cites his hands-on approach with layer-2 scaling solution Polygon (MATIC) as a real-world example of the strategy.

“I’ve seen this movie before. I was an investor in software engineers twenty-two years ago at the Learning Company when we made educational software.

The way I used to do it then is the way I’m doing it now…

If I want to invest in Polygon, I want to meet the engineering team, which I did in Dubai. I met the team, heard the vision of what they’re doing, looked at the economic reality at the outcome, the potential of it.

First is team. If I check the box on team – smart guys, good engineers, good strategy, good group – I’m interested.”

O’Leary says that beyond the initial concept, he wants to see the potential for a positive economic impact as well.

“Here’s the second test. What economic value are they creating?

In the case of Polygon, aggregating transactions to reduce gas fees on Ethereum is a smart idea.

You have an economic reason to pursue that. You save money. Transaction fees are less. I think the potential of that is large.”

The Shark Tank personality next mentions enterprise-grade public network Hedera (HBAR), which is tailored for security and regulatory compliance.

“Great team, good engineers. What’s the economic premise that would keep that growing?

Boeing wants a quasi-centralized/decentralized platform, they want the best of both worlds.

HBAR can deliver that, check the box there.”

Lastly, the billionaire mentions smart contract platform Solana (SOL) as a project seeking unique solutions.

“They’re trying to solve problems a different way to speed everything up.

Check the box. Who’s working on that? [FTX exchange head] Sam Bankman-Fried and his team. Why wouldn’t you bet that horse?”

O’Leary concludes his remarks by reiterating the importance of conceptually looking at cryptocurrencies differently.

“They’re software platforms. I say to institutions, ‘You criticize me for investing in Bitcoin? You own a big position in Microsoft [and] a five-percent weighting in Yahoo. What is that? That’s software.

‘Why don’t you do the same thing in Bitcoin? Why aren’t you in Ethereum? Why aren’t you in HBAR and Polygon? Why aren’t you in Serum? Why aren’t you in Helium?’

With that attitude, it’s hard to say I’ll only invest in publicly traded software companies. One day crypto and all these software platforms are going to be the 12th sector of the S&P.”

Bitcoin (BTC) and Ethereum (ETH) are perhaps the most well-known cryptocurrencies. Serum (SRM) is a trustless decentralized finance protocol, while Helium (HNT) is an Internet-of-Things open-source public blockchain.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Mr. Wonderful plans to invest in mining company stocks

Canadian businessman Kevin O’Leary laid out his plans to invest in mining company stocks. In an interview with Anthony Pompliano, Mr. Wonderful shared stories about his recent travels in the Middle East to find ways to invest in Bitcoin (BTC) mining. According to the Shark Tank mogul, investors in the Middle East are looking into “sovereign mining operations.”

O’Leary also predicts that in the next 2-3 years, sovereign funds may decide to invest in Bitcoin mining. However, the businessman notes that the funds will choose mining businesses that use sustainable energy. Due to environment-related controversies, the eco-friendliness of mining operations is a crucial deciding factor for investors, according to the Canadian entrepreneur.

The businessman also expressed his interest in opening his own mining operations. However, he explained that there are things that he is considering before this happens. He stated that aside from government approvals, the people who live in the community where the mining operations will take place must approve of the business.

Aside from these, the entrepreneur also explained that Bitcoin mining companies must be able to track their BTC earnings in company balance sheets. This enables investors to buy the mining company stock and own BTC through equity. O’Leary notes that he will be investing in BTC through this process.

Related: Kevin O’Leary-backed WonderFi to buy Bitbuy parent company for $162M

Back in December, O’Leary also shared his thoughts on crypto investing with the public. In an exclusive interview with Cointelegraph, the businessman explained that investing in crypto is similar to investing in Google and Microsoft.

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“If you’re investing in, for example, Google or Microsoft, what are you investing in? You’re investing in software. Why wouldn’t you invest in crypto? It’s software too,” he said.

Meanwhile, the former BTC critic is also very excited about the potential of nonfungible tokens (NFT). O’Leary is betting that NFTs may potentially become bigger than Bitcoin. However, he notes that he will invest in both.