A new lawsuit accuses Dallas Mavericks owner and billionaire Shark Tank investor Mark Cuban of partnering with now bankrupt crypto platform Voyager Digital to dupe investors in “a massive Ponzi scheme.”
The class-action suit, filed in federal court in southern Florida on behalf of millions of investors, alleges that 3.5 million Americans lost over $5 billion in cryptocurrency assets through Voyager.
Voyager temporarily suspended all trading and withdrawals on its platform on July 1 shortly before filing for bankruptcy in New York on July 5, listing both assets and liabilities between $1 billion and $10 billion. Voyager users are now waiting to see if they will get their money back when the company comes out of bankruptcy, either on its own or with a new owner.
Adam Moskowitz, managing partner of Miami-based Moskowitz Law Firm, said it’s not likely the bankruptcy process will get users their money back.
“I’ve never seen a bankruptcy where people come out of it better than they were before,” Moskowitz said.
Cuban’s NBA team and Voyager CEO Stephen Ehrlich are also listed as defendants. The lawsuit said Cuban, Ehrlich and the Mavs should pay the victims back. The Mavs announced a five-year partnership with Voyager in 2021 that made it the team’s first cryptocurrency brokerage and international partner. Fans were given a limited deal where if they deposited $100 and traded at least $10 by the end of the month, they got a $100 reward. The influx of new users was so…
