Florida Court Dismisses Crypto Lawsuit Against Mark Cuban and Dallas Mavericks
In a recent ruling, US District Court for the Southern District of Florida Judge Roy K. Altman dismissed a 2022 lawsuit accusing Mark Cuban and the Dallas Mavericks of promoting Voyager Digital's crypto products. The lawsuit alleged that Cuban and a Mavericks social media post encouraged Florida residents to use Voyager's app by offering $100 in Bitcoin for certain actions. However, the court dismissed the suit without prejudice due to lack of personal jurisdiction, meaning it may be refiled in a different jurisdiction.
Cuban and the Mavericks had contended that the Florida court lacked jurisdiction and highlighted Cuban's warnings to the public to exercise caution with their money. Voyager Digital, the crypto platform at the center of the dispute, filed for bankruptcy in July 2022 after previously holding over $5 billion in assets and servicing approximately 3.5 million investors in 2021.
This case is part of a broader pattern of lawsuits targeting athletes and celebrities who promoted crypto platforms that later failed. Cuban has since sold his majority stake in the Dallas Mavericks to casino magnate Miriam Adelson. The counsel involved in this case expressed readiness to defend Cuban and the Mavericks in any jurisdiction where claims might arise.
