According to the complaint, Cuban, the Dallas Mavericks, and Voyager Digital CEO Stephen Erlich duped consumers into investing in the now-bankrupt Voyager, resulting in a $5 billion loss.
Voyager announced a 5-year collaboration with the Mavericks last year, following which they ran a promotion in which supporters were given $100 in Bitcoin if they deposited $100 of their own money into a cryptocurrency trading app.
"I think working together, we're going to be at the vanguard of innovation," Cuban said at the time.
In response to the marketing, the complaint says that Cuban, Erlich, and the Mavericks promoted the Voyager platform on the basis of "false promises," resulting in more than 3 million Americans losing about $5 billion as a consequence of the fraud. According to the lawsuit, Cuban and Erlich must repay every American implicated.
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