A class-action lawsuit has been filed in the US Southern District Court of Florida against Mark Cuban and Voyager Digital CEO Steven Ehrlich.
The plaintiffs sued Voyager Digital and associates filed last December, alleging that Cuban and Ehrlich used their experience as investors to trick millions of Americans into investing in multiple In some cases, they even spent their lifetime savings on fraudulent platforms or unregistered securities assets, the lawsuit describes:
Over 3.5 million Americans have now lost over $5 billion in crypto assets. We are filing this lawsuit demanding that Ehrlich and Mark Cuban be liable to return investors’ funds.
The lawsuit notes that Cuban spoke at a press conference in the Dallas Mavericks, “where he strongly supports and touts his company’s partnership with Voyager executives.” The plaintiffs emphasized that the Shark Tank star proudly describes how he will personally help significantly increase the reach and presence of the Voyager Platform for experienced people and investment funds.
The misrepresentations and omissions of Ehrlich and Cuba are made and broadcast throughout the country via the internet and they are held accountable to the plaintiffs.
The lawsuit further details that Cuban has called the Voyager platform “virtually risk-free” with even the Dallas Mavericks owner exaggerating the fact that he is investing in the platform to further attract investors. Retail follows in his footsteps.
In other words, the Voyager platform is a giant Ponzi scheme, and it relies on the strong backing of Cuban and Dallas Maverick as well as Cuban’s monetary investment to continue until it collapses and Voyager’s subsequent bankruptcy.
Voyager Digital filed for bankruptcy last month citing “the prolonged volatility and contagion in the crypto market over the past few months plus the default of Three Arrows Capital (3AC) on a loan from company.