A group of investors has filed a lawsuit against the National Basketball Association (NBA), claiming losses of $4.2 billion tied to their partnership with the now-collapsed Voyager Digital Holdings Inc. The lawsuit, initiated in Miami on Tuesday, accuses the NBA and former Dallas Mavericks owner Mark Cuban of "gross negligence" due to their marketing agreement with the defunct crypto exchange.
This lawsuit follows a previous claim against Mark Cuban, alleging that he promoted what the investors described as an "unregistered and unsustainable fraud" after Voyager's downfall in 2022.
Several NBA teams, including the Mavericks, had partnerships with cryptocurrency companies, including the defunct FTX exchange. However, both FTX's founder, Sam Bankman-Fried, and Voyager's co-founder, Stephen Ehrlich, have faced legal repercussions. Bankman-Fried was convicted of fraud, while Ehrlich was sued by the Commodity Futures Trading Commission (CFTC) for allegedly operating a fraudulent digital asset platform.
The investors' lawsuit not only implicates Mark Cuban but also the NBA for promoting "unregistered securities" linked to Voyager. The investors argue that the NBA's support for firms like Voyager and FTX allowed them to capitalize on the league's trust and global respect to market "unregistered and illegal securities." As a result, the investors hold the association liable for the damages incurred.
In 2022, Voyager declared bankruptcy and subsequently received permission from a judge to liquidate its assets. This allowed customers to receive some return on the cryptocurrencies that were frozen on the platform.
The lawsuit highlights the investors' belief that the NBA aimed to take the lead in crypto promotions by supporting firms like Voyager and FTX. However, the investors allege that these actions involved marketing "unregistered and illegal securities," exploiting the league's reputation and trust.
As the legal action unfolds, the NBA and Mark Cuban will have to address the allegations of "gross negligence" and defend their partnership with Voyager, which has resulted in significant financial losses for the investors involved.
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