Mark Cuban Is Being Sued For Promoting Voyager Crypto Products!
A lot of investors have come up together and have claimed that Dallas Mavericks and Mark Cuban have been tricking them by putting their money into a massive Ponzi scheme.
Based on the action suit claims, Dallas Mavericks, Mark Cuban, and CEO of Voyager Digital Stephen Erlich had gone quite far to dupe a lot of American investors by putting their money in Voyager. Voyager is now going through a bankruptcy lawsuit.
Mark Cuban Is Being Sued For Promoting Voyager Crypto Products
A few months back, Voyager had a partnership for 5 years with Mavericks and did a promotion where a lot of his fans would receive 100 USD worth of Bitcoin if they deposited 100 USD in the Voyager Crypto trading applications.
During the time of the partnership, they had believed that they were going to be at the forefront of innovation.
Key Takeaways
- Mark Cuban has been sued for promoting the wrong information about the services and crypto offerings by one of the leading crypto lending companies Voyager. He had tried to Lure customers and take their life savings by making them invest in the Voyager App.
- Mark Cuban is the billionaire Entrepreneur, who has been quite active in the crypto space. Recently he is facing a lot of lawsuits for promotions made for different crypto companies.
According to the Lawsuit, Maverick, Erlich, and Cuban promotions have tried to make false promises and have stolen money from 3.5 Million Americans which makes a total sum to be 5 Billion. The Suit demands Voyager to pay back the investors’ money.
But there is no surety of the lawsuit going into the trial. A judge must confirm that the 12 plaintiffs represent all 3 million Voyager customers. Also, various legal experts believe that representing millions of Americans might not be the best thing to do.
Voyager Digital, a crypto lending application, filed for bankruptcy last month. The recent drop in the price of cryptocurrencies had an effect on the company, which spread the effect. A lot of crypto lending companies like Voyager had filed for bankruptcy.
Voyager is also publicly listed on the Toronto Stock Exchange, but recently after bankruptcy, it got delisted from the exchange. As a public corporation, voyagers must disclose all financial information.
Meanwhile, Mark Cuban, Mavericks, and Dallas have declined to offer any statement to the media regarding the same.
And the rise in different cryptocurrency-related companies’ lawsuits and this is one of them that seeks the resolution for all the money investors invested. In the past few months, a lot of Crypto related cases have come up.
Voyager was forced to return USD 270 Million to a customer’s MCB account as part of an ongoing bankruptcy litigation. Further Voyager revealed that consumers can withdraw up to USD 100,000 each day for a week or 10 days.
