Investors Sue Billionaire Mark Cuban For Promoting Crypto Ponzi Scheme

Investors Sue Billionaire Mark Cuban For Promoting Crypto Ponzi Scheme

  • Crypto investors have sued billionaire investors in the US for nudging them into investing in a deceptive platform
  • Shank Tank star Mark Cuban was dragged to court by investors who believed he hoodwinked them into taking part in the failed Voyager platform
  • According to them, the Dallas Maverick owner spoke glowingly about the Voyager platform, which prompted many Americans to invest their life savings into the failed platform

Shank Tank investor and owner of the Dallas Mavericks, Mark Cuban, is currently facing a class action lawsuit for promoting Voyager crypto products.

The plaintiffs say Voyager was a monumental Ponzi scheme, and the billionaire duped millions of Americans into investing.

Mark Cuban, crypto investors
Mark Cuban Credit: Amy E. Price / Contributor
Source: Getty Images

About 12 lead plaintiffs lead the class action lawsuit

The suit was filed in December 2021 and referenced Mark Cassidy v. Voyager Digital and others. It alleged that Cuban and Ehrlich tried so much to use their experiences as investors to dupe millions of Americans into investing mostly their life savings into the deceptive platform and buying Voyager Earn Programme Accounts which turned out to be unregistered with the securities.

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The lawsuit said that about 3.5 million Americans had lost over $5 billion in crypto assets. The lawsuit seeks Cuban, Ehrlich and his Dallas Mavericks accountable for paying them back.

According to the suit, Cuban made a speech at Mavericks’ press conference where he strongly supported and praised the collaboration between his firm and the Voyager defendants.

They stated that the Cuban proudly described the way he would personally help to greatly increase the scope and presence of the fraudulent Voyager platform.

Cuban used his influence to tout platform

The lawsuit also stated how Cuban called the Voyager platform as risk-free as you’re going to get in the crypto universe and also excited about the fact that he was investing his own money into the platform to cause further retail investors to join him.

They also claim that the platform is based upon false pretences and false representations and is greatly created to mislead investors to take advantage of investors that can use mobile apps to make payments in an unjust, unsavoury and deceptive manner.

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The investors said the Deceptive Voyager was a monumental Ponzi scheme and relied on Cuban and his basketball team to sustain itself until it imploded.

Binance founder, Zhao warns of cryptocurrency risk as N25.4trn vanishes from his wealth in months reported that Changpeng Zhao, the founder of Binance, the largest cryptocurrency trading platform, has issued a serious warning to cryptocurrency traders.

He gave this warning in a tweet on Sunday as the market continues to suffer heavily.

Zhao, according to Bloomberg, is the world's richest billionaire crypto billionaire and is currently worth $34.9 billion.


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