Mark Cuban Blamed in Voyager Digital Lawsuit for Alleged Ponzi Scheme

Crypto investors and basketball fans busted the two sharks for building a pyramid.

mark cuban voyager digital lawsuit ponzi scheme

Marc Cuban, a heavy player in the crypto game and also the owner of the Dallas Mavericks, might get into huge trouble with the law after Voyager Digital’s demise. Today, court documents surfaced blaming the “shark tank” category investor for duping many Americans into thinking that Voyager Digital “is as close to risk free as you’re gonna get in the crypto universe.” Turns out, it was pretty much the opposite.

Investors Are Looking for Answers

The question whether Voyager Digital was a legit project that simply failed to voyage through hardships or actually a Ponzi scheme remains open. But the fact that Mr. Cuban heavily endorsed Voyager Digital is true, going as far as to offer Dallas Mavericks fans a $100 bonus on their first deposit. Basically, any basketball fan, encouraged by Mark Cuban, could download the Voyager app in one simple click and double up the initial deposit. However, as Voyager Digital filed for bankruptcy in June, it’s unlikely that any of the retail investors are going to get their money back, nevermind a profit.

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The 92-page court hearing document also named the Dallas Mavericks as a defendant. Moreover, the plaintiffs claim that Cuban and Voyager CEO Steve Ehrlich were in cahoots on the Ponzi scheme.

Not the First Time for Voyager

On top of that, a similar class-action lawsuit has already been filed in December by the Moskowitz Law Firm. This lawsuit was updated again in April, just two months before the troubled crypto firm of Voyager Digital would actually go bankrupt. “Our main goal is simply to allow every common investor a fighting chance,” says lawyer Adam Moskowitz.

As if that wasn’t enough, Voyager Digital struck deals with NFL player Rob Gronkowski to be a brand ambassador and another well-famed sportsman, NASCAR’s Landon Cassill. As Voyager’s website is officially down and the company is “voluntarily restructuring,” it’s hard to guess when the customers can expect any good news from the busted crypto company.

On the Flipside

Find out Mark Cuban’s humble opinion on buying land in the metaverse

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Learn more about what lessons can be taken from Voyager’s bankruptcy

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.