According to ChainCatcher, citing The Block, a cryptocurrency class-action lawsuit accusing Mark Cuban and the Dallas Mavericks of defrauding investors by promoting the now-bankrupt cryptocurrency lending platform Voyager Digital has been dismissed. The lawsuit claimed that Cuban made numerous false statements about the company before Voyager filed for Chapter 11 bankruptcy protection in 2022. At the time of its bankruptcy filing, the value of cryptocurrency assets on Voyager's platform was approximately $1.3 billion. Voyager's collapse was part of a broader market downturn triggered by the Terra blockchain's crash, which wiped out about $40 billion in market value and ultimately led to its founder, Do Kwon, being sentenced to 15 years in prison at the beginning of this month.
Lawsuit Against Mark Cuban and Dallas Mavericks Over Voyager Digital Rejected
KuCoinFlashShare
Summary
A class-action lawsuit against Mark Cuban and the Dallas Mavericks regarding their promotion of Voyager Digital has been dismissed. The case accused them of making misleading statements about the crypto lender prior to its Chapter 11 filing in 2022, at which time it held $1.3 billion in crypto assets. Voyager's collapse was linked to the Terra blockchain crash, which led to a $400 billion loss in the crypto markets and affected liquidity across the entire sector. The incident also raised concerns about CFT (Countering the Financing of Terrorism) in crypto markets. Do Kwon received a 15-year prison sentence in January.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.