Billionaire owner of the Dallas Mavericks basketball group, Mark Cuban, is dealing with a class action suit by Voyager Digital financiers and Mavericks fans for promoting Voyager Digital, which submitted for chapter 11 personal bankruptcy on July 5, 2022.
According to the complainants, Cuban promoted Voyager Digital to Maverics fans many times on various celebrations and apparently benefited from the unskilled basketball fans. The suit consists of some quotes from Cuban promoting Voyager Digital, consisting of the one where he stated:
“I gotta add, I am a [Voyager] customer and I’ve been a customer for several months now. I like to use it, it’s easy, it’s cheap, it’s fast, and the pricing is actually really good, so we find it as a perfect fit for our Mavs fans and reaching Mavs fans of all ages.”
Plaintiffs argue that Cuban presented Voyager Digital as being commission-free and total less expensive than its rivals. However, the suit competes that the financiers went through covert costs and unreasonably high costs without recognizing it.
Taking benefit of the fans
The suit discusses Voyager Digital’s CEO, Steve Ehrlich, likewise assisted control the Maverics fans into purchasing the job. The fit consists of quotes from Ehrlich and Cuban throughout their speech at the Dallas Mavericks interview.
During his speech at the conference, Cuban stated there is no chance to make without investing initially, however with Voyager Digital, users can make by investing percentages. He stated:
“digital currencies[are] an attractive investment for novice investors who might only have $100 to start. That’s where Voyager enters the picture. […] Voyager platform makes the process easy and simplified for fans of all ages. […] You don’t have to spend a lot of money in order to learn.”
In addition to promoting the concept of investing little to make huge, Cuban likewise discussed the illiteracy in the sector. He stated that many people don’t comprehend the basics behind crypto, and Voyager Digital will “try to bring that level of education to our fans and to our joint customers.”
Ehrlich likewise supported Cuban by pointing out the easy to use user interface of Voyager Digital and the quick velocity of crypto adoption rates.
Moreover, Cuban was captured on the recording stating that Voyager Digital is totally safe. A complainant discusses this remark specifically and states:
“[I] saw many statements from Mark Cuban stating that Voyager was “100% Risk Free, and it’s as close to risk free as you are going to get in the crypto universe . . . [Mark Cuban’s] trust in Voyager  made me purchase the coin from Voyager . . .”
Voyager Digital personal bankruptcy
Voyager Digital submitted for Chapter 11 personal bankruptcy a couple of days after Three Arrows Capital (3AC) did. According to Voyager Digital, 3AC owed 15,250 Bitcoins and $350 million USDC to Voyager. The Chapter 11 personal bankruptcy permits the company to stay functional while offering it an opportunity to re-organize its internal operations and organization strategies.
When revealing the personal bankruptcy, Ehrlich pointed advertisement 3AC’s dept and bearish market conditions as factors. He likewise stated that the Chapter 11 personal bankruptcy was a method for Voyager to optimize healing and was intentionally made by the group prior to Voyager exceeded the point of being conserved.