FTX Adds Payoneer for International Creditor Repayments Shaquille O’Neal Settles FTX Lawsuit for $1.8 Million Binance Seeks Dismissal of $1.76 Billion FTX Lawsuit

The FTX saga continues to evolve with significant developments in customer repayments, celebrity accountability, and legal disputes. The FTX Recovery Trust and FTX Digital Markets have announced that Payoneer will join BitGo and Kraken as a payout provider for FTX creditors, starting after May 30, 2025. This move is aimed at expediting international customer repayments by leveraging Payoneer's extensive global reach, which spans over 190 countries. Customers opting for Payoneer will receive payouts in local currencies, simplifying cross-border transactions and expanding access to supported jurisdictions. To qualify, claimants must complete KYC verification, submit tax documentation, and onboard with one of the three payout partners.

In a separate development, retired NBA star Shaquille O’Neal has agreed to a $1.8 million settlement in a class action lawsuit over allegations that he promoted the now-defunct FTX exchange. The lawsuit accused O’Neal of misleading investors through social media promotions and event sponsorships, including his branded festival, Shaq’s Fun House. This settlement marks O’Neal's second crypto-related settlement, following an $11 million agreement related to his Astrals and Galaxy NFT projects.

Meanwhile, the legal battle between FTX and Binance continues to escalate. Binance has filed a motion to dismiss a $1.76 billion lawsuit from the FTX estate, arguing that the allegations are legally baseless. The FTX estate claims that Binance received billions in crypto during a 2021 buyback agreement, funded improperly using customer assets. Binance disputes this narrative, stating that FTX remained solvent for over a year after the deal and that there is no evidence the exchange was insolvent at the time. This high-stakes legal battle underscores the complex and ongoing nature of the FTX saga, as the process of making victims whole and settling legal disputes continues to unfold.

These developments highlight the multifaceted nature of the FTX collapse, with efforts to repay creditors, hold accountable those involved in its promotion, and resolve legal disputes all playing out simultaneously. The addition of Payoneer as a payout provider is a significant step towards facilitating international repayments, while the settlement with O’Neal and the legal battle with Binance illustrate the ongoing efforts to address the fallout from FTX's demise. As these processes continue, the saga of FTX serves as a reminder of the complexities and challenges involved in the aftermath of a major financial collapse.