Voyager Digital’s investors and Dallas Mavericks fans are lashing out at the NBA team’s owner, Mark Cuban, for promoting Voyager Digital’s unregulated cryptocurrency products. The billionaire is now facing a lawsuit alleging that he lured young and inexperienced investors into Voyager’s ponzi scheme.


This lawsuit was filed by Moskowitz Law firm in the United States Southern District of Southern Florida and the civil suit asked for a civil hearing for the case. Voyager Digital filed for Chapter 11 bankruptcy this year following the collapse of Three Arrows Capital. As revealed by the filing, there were more than 100,000 creditors and it’s assets were estimated to be worth between $1-$10 Billion.


In the court documents, the plaintiffs claim that Voyager Digital and Cuban CEO, Stephen Ehrlich targeted young and inexperienced investors to invest in Voyager Digital through it’s promotion on numerous occasions. Interestingly, the United States Feds had earlier warned Voyager Digital not to mislead it’s customers.


The lawsuits claimed that Cuban made some “misrepresentations” to the plaintiffs. This misrepresentations were related to undisclosed commissions on trades made on Voyager and the cryptocurrency lender’s insurance status with the Federal Reserve and Federal Deposit Insurance Corporation (FDIC).


The plaintiffs attacked Mark and Ehrlich claiming that the two went to great lengths to use their experience as investors to lure inexperienced investors into putting their life savings on the Voyager platform and buying Voyager Earn Program Accounts which are unregistered securities according to the plaintiffs.


For context, Voyager Digital partnered with the Dallas Mavericks to become the basketball team’s international crypto partner in October 2021, a deal that was heavily anticipated and endorsed by Mark Cuban. Cuban was also accused by the plaintiffs of hyping his own investments in Voyager Digital in order to lure retail investors to do same.


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