NBA, Mark Cuban Sued for Marketing Deals With Voyager

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By BitcoinWiki News

Key Takeaways:

  • The NBA is facing a lawsuit over its association with failed crypto exchange Voyager Digital Holdings and investors alleging losses totaling $4.2 billion
  • The lawsuit claims the NBA’s involvement in a marketing deal between Voyager and Mark Cuban, former owner of the NBA’s Dallas Mavericks, was “grossly negligent”
  • Several NBA teams, including the Mavericks, had marketing deals with crypto firms, including the now-defunct FTX exchange
  • The collapse of FTX in 2022 triggered lawsuits against celebrities, including sports figures Tom Brady and Steph Curry, and comedian Larry David
  • Cuban’s five-year partnership deal with Voyager in 2021, which made its token the official Mavericks cryptocurrency and featured Voyager ads in the team’s arena, is under scrutiny
  • Voyager filed for Chapter 11 bankruptcy protection in 2022, with a court authorizing the liquidation of assets to repay customers
  • The investors allege the NBA took significant risks by endorsing Voyager and FTX, leveraging its global brand reputation to promote what they consider unregistered and illegal securities

I. Lawsuit Against NBA Over Association with Failed Crypto Exchange Voyager Digital Holdings

– The NBA is facing a lawsuit over its association with the failed crypto exchange Voyager Digital Holdings.
– Investors are alleging losses totaling $4.2 billion and claiming that the NBA’s involvement in a marketing deal between Voyager and Mark Cuban was “grossly negligent.”

II. Allegations Against NBA and Other Defendants

– The lawsuit accuses the NBA of promoting Voyager’s “unregistered securities,” holding it liable for resulting damages.

III. Legal Action Against Mark Cuban and Other Celebrities

– Mark Cuban, former owner of the NBA’s Dallas Mavericks, had a five-year partnership deal with Voyager in 2021, which made its token the official Mavericks cryptocurrency.
– Legal action has also been taken against other celebrities, including sports figures and comedians, who endorsed crypto investments from failed exchanges like FTX.

IV. Previous Legal Action and Settlements

– Previous legal action has been taken against other celebrities, including sports figures Tom Brady and Steph Curry, and comedian Larry David, who endorsed crypto investments.
– Some settlements have been reached, involving personalities like Kim Kardashian and NFL quarterback Trevor Lawrence.

V. Conclusion

– The collapse of FTX in 2022 triggered lawsuits against celebrities, including sports figures Tom Brady and Steph Curry, and comedian Larry David, who endorsed crypto investments.
– The investors allege the NBA took significant risks by endorsing Voyager and FTX, leveraging its global brand reputation to promote what they consider unregistered and illegal securities.

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