In response to the plaintiffs, Cuban promoted Voyager Digital to Maverics followers quite a few instances on totally different events and allegedly took benefit of the inexperienced basketball followers. The lawsuit consists of some quotes from Cuban selling Voyager Digital, together with the one the place he mentioned:
“I gotta add, I’m a [Voyager] buyer and I’ve been a buyer for a number of months now. I like to make use of it, it’s simple, it’s low cost, it’s quick, and the pricing is definitely actually good, so we discover it as an ideal match for our Mavs followers and reaching Mavs followers of all ages.”
Plaintiffs argue that Cuban launched Voyager Digital as being commission-free and general cheaper than its rivals. Nonetheless, the lawsuit contends that the traders had been subjected to hidden charges and unreasonably excessive costs with out realizing it.
Benefiting from the followers
The lawsuit mentions Voyager Digital’s CEO, Steve Ehrlich, additionally helped manipulate the Maverics followers into investing within the mission. The go well with consists of quotes from Ehrlich and Cuban throughout their speech on the Dallas Mavericks press convention.
Throughout his speech on the convention, Cuban mentioned there is no such thing as a method to earn with out investing first, however with Voyager Digital, customers can earn by investing small quantities. He mentioned:
“digital currencies[are] a gorgeous funding for novice traders who would possibly solely have $100 to start out. That’s the place Voyager enters the image. […] Voyager platform makes the method simple and simplified for followers of all ages. […] You don’t should spend some huge cash to be able to be taught.”
Along with selling the thought of investing little to earn massive, Cuban additionally talked about the shortage of training within the sector. He mentioned that most individuals don’t perceive the basics behind crypto, and Voyager Digital will “attempt to deliver that degree of training to our followers and to our joint clients.”
Ehrlich additionally supported Cuban by mentioning the user-friendly interface of Voyager Digital and the speedy acceleration of crypto adoption charges.
Furthermore, Cuban was caught on the recording saying that Voyager Digital is completely risk-free. A plaintiff mentions this remark exactly and says:
“[I] noticed many statements from Mark Cuban stating that Voyager was “100% Danger Free, and it’s as near threat free as you’re going to get within the crypto universe . . . [Mark Cuban’s] belief in Voyager  made me buy the coin from Voyager . . .”
Voyager Digital chapter
Voyager Digital filed for Chapter 11 chapter just a few days after Three Arrows Capital (3AC) did. In response to Voyager Digital, 3AC owed 15,250 Bitcoins and $350 million USDC to Voyager. The Chapter 11 chapter permits the agency to stay operational whereas giving it an opportunity to re-organize its inner operations and enterprise plans.
When asserting the chapter, Ehrlich pointed advert 3AC’s dept and bearish market circumstances as causes. He additionally mentioned that the Chapter 11 chapter was a method for Voyager to maximise restoration and was intentionally made by the staff earlier than Voyager went past the purpose of being saved.