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Home ยป Investors sued the NBA for its connections to the defunct cryptocurrency Voyager.

Investors sued the NBA for its connections to the defunct cryptocurrency Voyager.

The National Basketball Association is being sued for its promotion of defunct crypto exchange Voyager Digital Holdings,

by V. Sinclair
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A lawsuit has been filed against the National Basketball Association for allegedly encouraging the now-defunct cryptocurrency exchange Voyager Digital Holdings, which caused investors to lose over $4.2 billion.

A complaint filed in a Miami district court on Tuesday claims that the NBA was “grossly negligent” in allowing a marketing agreement between Voyager and the Dallas Mavericks. “The NBA’s widespread promotion of Voyager’s unregistered securities renders it liable for any and all resulting damages.”

Additionally named in the lawsuit is Voyager’s legal firm, McCarter & English, which is accused of using its standing to persuade investors that Voyager’s offerings were “entirely above board,” according to the filing.

The same group sued former Mavericks owner Mark Cuban in 2022, alleging that he had misled them about Voyager. Cuban refuted the accusations.

As a result of its involvement with the defunct cryptocurrency hedge fund Three Arrows Capital, Voyager declared bankruptcy in July 2022.
A request for comment was not immediately answered by McCarter & English or the NBA.

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