Crypto Lawsuit Against Mark Cuban and Dallas Mavericks Dismissed by Florida Judge
A federal judge has dismissed a crypto investor lawsuit targeting Mark Cuban and the Dallas Mavericks, ending an attempt to hold the billionaire and his team responsible for the collapse of Voyager Digital.
The lawsuit, filed in 2022, claimed Cuban encouraged fans to invest in Voyager’s interest-bearing accounts after he mentioned at an October 2021 Mavericks press conference that he had personally invested in the company. The complaint also referenced a Mavericks promotion offering $100 in Bitcoin to fans who downloaded Voyager’s app, opened an account, and made a trade.
Court Says Florida Lacks Jurisdiction
Judge Roy K. Altman of the US District Court for the Southern District of Florida ruled Friday that the plaintiffs failed to show personal jurisdiction over Cuban and the Mavericks. The court found there was no strong connection between Florida and the alleged promotional activity, meaning the case could not proceed there.
Cuban’s lawyers had argued that he had warned people to be careful with their money and that nationwide promotions did not amount to “purposeful targeting” of Florida residents. The judge agreed, dismissing the case without prejudice, leaving open the possibility that plaintiffs could try filing in another jurisdiction.
“We couldn’t be more pleased with the absolute right result,” said Steve Best, lead counsel for Cuban and the Mavericks. “Mark doesn’t settle when he believes he is on the right side of the law.”
Part of a Broader Wave of Crypto Lawsuits
This case is part of a wider trend of lawsuits against celebrities and athletes who promoted crypto platforms that later failed. Voyager Digital, which filed for bankruptcy in July 2022, once held more than $5 billion in assets and counted nearly 3.5 million investors.
Since then, Cuban has sold his majority stake in the Mavericks to casino magnate Miriam Adelson, moving on from his long-running ownership of the NBA team.
