Voyager Bankruptcy Spreads | Mark Cuban Accused of Promoting Platform's High-Interest Products, Facing Class-Action Lawsuit

The bankruptcy of the cryptocurrency broker Voyager has led to further legal actions, with a group of users and creditors filing a lawsuit against Mark Cuban, owner of the NBA's Dallas Mavericks, and the CEO of Voyager. They accuse him of promoting the now-bankrupt trading platform with claims of no risk and safety amidst a liquidity crisis.

The Lone Ranger and Voyager's Partnership

The Lone Ranger announced on its official website on 10/28/2021 the establishment of a five-year partnership with Voyager, touting it as the fastest-growing trading platform in the United States. The partnership has three goals:

• Make cryptocurrencies more accessible through education and digital initiatives
• Promote cryptocurrencies to a global audience through The Lone Ranger
• Create a revolutionary fan program through digital assets

Under this collaboration, new users on Voyager can use the code MAVS100, deposit $100, and trade at least $10 to receive a $100 reward.

What Did Mark Cuban Say?

In a legal document, the law firm Moskowitz quoted Mark Cuban's comments on Voyager during a press conference:

"I have to say, I've been a user of Voyager for a few months now, and I love the platform. It's simple, inexpensive, fast, and the trading prices are very good, so I think it's perfect for all ages of our Lone Ranger fans."

During the entire press conference, Mark Cuban also mentioned:

• Voyager offers higher interest rates than any app I've used before.
• You just need to send coins to Voyager via MetaMask, and you start earning higher returns immediately.

Other allegations include Voyager promoting and selling unregistered securities to U.S. users since November 2019, as well as constantly changing product names like Voyager Interest Program, Voyager Earn Program Account, etc. The lawsuit documents state:

Cuban and Voyager CEO Ehrlich have used their investment expertise to deceive millions of Americans into investing their life savings into Voyager's high-interest accounts, which are unregistered securities.

Adam Moskowitz, the lawyer representing Voyager users, told Fortune magazine that they are skeptical of Cuban's claim of investing substantial assets on the platform:

When we attended Voyager's initial bankruptcy hearing, we were surprised not to see Mr. Cuban's lawyers there. Assuming he truly invested so much in cryptocurrencies as he claims, doesn't he need to seek redress?