On June 12, NBA star Shaquille O'Neal agreed to pay $1.8 million as a settlement for the investor class action lawsuit related to the FTX bankruptcy case. As one of FTX's brand ambassadors, he had to face legal consequences for his endorsement after the trading platform's collapse.
BiyaPay analysts pointed out that the FTX incident is the most representative risk warning in the crypto industry in recent years. Even with numerous celebrity endorsements, the platform's operational model, fund usage, and regulatory licenses are the key factors affecting user fund safety. The ultimate collapse of FTX, with many retail investors unable to recover their funds, stems from a lack of transparency and compliance.
BiyaPay has always adhered to compliant operations and steady development. It supports users in conveniently exchanging USDT for 30+ fiat currencies including US dollars, euros, Hong Kong dollars, and Singapore dollars, which can be used for global remittances and global asset allocation. Users can also invest in US and Hong Kong stocks through BiyaPay without opening an offshore account.
