The National Basketball Association (NBA) and Mark Cuban, the former owner of the Dallas Mavericks, are now facing a lawsuit over their promotional links with the now-defunct crypto exchange Voyager Digital Holdings Inc., as Bloomberg reports. This legal challenge comes on the heels of Voyager Digital Holdings Inc.’s catastrophic failure, which purportedly led to investor losses exceeding $4.2 billion.
Filed in Miami on Tuesday, the lawsuit accuses the NBA and Cuban of exhibiting “gross negligence” in their marketing partnership with Voyager. This action builds on a preceding lawsuit aimed directly at Cuban, where investors lambasted the exchange as “an unregulated and unsustainable fraud” in the aftermath of its 2022 demise.
Highlighting the broader involvement of NBA teams in crypto marketing deals, the plaintiffs point to associations with other troubled firms like FTX, whose collapse also made headlines after its founder, Sam Bankman-Fried, faced fraud convictions.
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