Mark Cuban Slapped With a Lawsuit For Alleged Crypto ‘Ponzi Scheme’

August 14, 2022

Reading Time: 2 minutes

Billionaire Mark Cuban and the Dallas Mavericks NBA team have been Slapped with a lawsuit by a group of aggrieved investors of Voyager Digital for promoting the insolvent crypto lender, Voyager Digital.

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Mark Cuban, Stephen Erlich Accused of False Promises

According to the lawsuit, Cuban, Dallas Mavericks, and Voyager Digital’s CEO Stephen Erlich scammed customers into investing in the now insolvent Voyager leading to the loss of $5 billion.

Last year, Voyager announced a 5-year partnership with the Mavericks after which they together launched a promotion where fans were promised $100 in Bitcoin if they deposit $100 of their own money into a crypto trading app.

In a statement by Cuban at the time, “I think working together, we’re going to be at the forefront of innovation.”

In response to the promotion, the lawsuit claims that Cuban, Erlich, and the Mavericks promotion of the Voyager platform built on “false promises” and resulted in more than 3 million Americans losing about $5 billion through the scheme. According to the lawsuit, Cuban and Erlich are required to pay back every American involved.

As it stands, the case is not guaranteed to proceed to trial as Jason Gottlieb, a partner at Morrison Cohen who specializes in cryptocurrency litigation says a judge first has to certify that 15 Americans mentioned in the lawsuit are representatives of the 3 million Americans who lost their funds in the scheme.

Since the inception of the “crypto winter,” many crypto firms have been struggling to keep their firms afloat, while others have sunk in the process, crypto firms like Binance and FTX have been proliferating.

However, the effect of the market downturn has been more drastic than other crypto firms, Celsius, Voyager, and other lending firms have paused every form of transaction on their platforms for weeks due to the market conditions.

Last month, Voyager Digital filed for bankruptcy to allow the company to function in the meantime while owning its creditors.

Hitherto, Cuban, and Erlich have not commented on the allegation.

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