Crypto Case Against Mavericks and Mark Cuban Dismissed by Judge

Federal Judge Dismisses Crypto Lawsuit Against the Dallas Mavericks and Mark Cuban

A federal judge has dismissed a cryptocurrency-related lawsuit filed in 2022 against the Dallas Mavericks and their former majority owner, Mark Cuban. In an order issued last Friday, Judge Roy K. Altman, of the United States District Court for the Southern District of Florida, determined that the plaintiffs failed to establish personal jurisdiction over Cuban and the team. The lawsuit argued that Cuban induced the plaintiffs to open interest-bearing accounts with Voyager, citing a Mavericks press conference in October 2021, where Cuban announced his personal investment in the company. Subsequently, the Mavericks posted on Twitter an offer for customers who downloaded the app, created an account, deposited $100, and made a transaction to receive $100 in free Bitcoin.

We are very happy with the absolutely correct result.

Steve Best, lead attorney for Cuban and the Mavericks

Cuban’s lawyers argued that he had warned about the risks of investing, that Voyager’s assets were not securities and therefore not subject to promotional activity regulations, and that the court where the case was filed did not have jurisdiction over Cuban and the team. Cuban sold his majority stake in the Mavericks to casino magnate Miriam Adelson. Cuban and the Mavericks’ lead attorney, Steve Best, expressed his satisfaction with the outcome. The plaintiffs’ attorneys did not immediately respond to requests for comment. Previously, former NFL tight end Rob Gronkowski, former NBA player Victor Oladipo, and NASCAR driver Landon Cassill were named as defendants in the Voyager lawsuit, but have since reached settlements. The lawsuit was one of several filed against athletes and celebrities who promoted now-bankrupt cryptocurrency platforms, including Voyager.