A class-action lawsuit in the crypto space alleging that Mark Cuban and the Dallas Mavericks basketball team defrauded investors by promoting the crypto lending platform Voyager Digital — which has now filed for bankruptcy — has been completely dismissed by a U.S. court. The ruling was issued on December 30th by Judge Roy K. Altman of the U.S. District Court for the Southern District of Florida, affirming that the plaintiffs lack legal standing to continue or refile the lawsuit.
The complaint claimed that Mark Cuban repeatedly provided false information about Voyager before the company filed for Chapter 11 bankruptcy protection in 2022. However, the court concluded that the allegations based on state securities laws and consumer fraud regulations are insufficient grounds. Cuban and the Dallas Mavericks’ legal representatives stated that this ruling concludes the entire matter.
At the time of filing for bankruptcy, Voyager held approximately $1.3 billion in crypto assets on its platform. Voyager’s collapse was part of a broader market downturn triggered by the Terra ecosystem crash — an event that wiped out around $40 billion in market capitalization and led to the founder Do Kwon being sentenced to 15 years in prison earlier this month.
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