Bitcoin Promo Lawsuit Against Cuban, Mavericks Dismissed on Jurisdiction

A U.S. federal judge has dismissed a class-action lawsuit against Mark Cuban and the Dallas Mavericks concerning promotions for the bankrupt cryptocurrency lender Voyager Digital. Filed in 2022, the suit alleged that Cuban and the Mavericks' endorsements contributed to investor losses. However, Judge Roy K. Altman ruled the plaintiffs did not establish jurisdiction in Florida. The court's dismissal paves the way for plaintiffs to refile in another district. The case highlights the ongoing concern over celebrity and athlete endorsements in crypto marketing amidst a spate of legal challenges following industry setbacks. Voyager's bankruptcy filing in July 2022 left millions of customers facing uncertainties. Although the ruling sidesteps allegations of misleading promotions, it underscores the legal complexities arising in cryptocurrency-related lawsuits. As Voyager’s bankruptcy proceedings continue, so does the scrutiny of crypto endorsements.