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