Mark Cuban Was Sued for Promoting Crypto Firm Voyager

by in Cryptocurrency News

Mark Cuban Voyager

Billionaire Mark Cuban is facing a lawsuit for promoting the crypto brokerage company Voyager Digital, which became bankrupt amid the crypto market crisis.

Related: Mark Cuban Keeps 80% of His Portfolio in Crypto

The lawsuit also says Cuban misrepresented the company on various occasions, making statements that the platform is cheap and offers commission-free financial services. According to allegations, Mark Cuban and Voyager Digital CEO Stephen Ehrlich used their years of experience to lead inexperienced customers into investing their savings in a Ponzi Scheme.

According to the lawsuit, Cuban continued to advertise Voyager's products and push retail investors to invest in it despite knowing that it's a Ponzi Scheme. The entrepreneur said previously the platform is as close to risk-free as you are going to get in crypto.

Last month, Voyager suspended trading, withdrawals, deposits, and rewards. Later, the company filed for Chapter 11 bankruptcy.