Mark Cuban to be deposed in Voyager Digital lawsuit for promoting defunct crypto platform (2024)

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Mark Cuban to be deposed in Voyager Digital lawsuit for promoting defunct crypto platform? ›

Cuban's Dallas Mavericks team formed a partnership with Voyager in 2021 to help promote it to fans. Disgruntled customers have filed a lawsuit against him, saying their trust in his advice is what convinced them to use the defunct platform, which conned them out of billions. His deposition is scheduled for Feb.

Altogether, approximately $870,000 across 10 cryptocurrencies was taken from Cuban, according to DL News. It remains unclear exactly how Cuban's wallet was hacked. He hasn't made any public remarks and did not immediately respond to a CNBC request for comment.

Mark Cuban loses $870,000 in crypto hack, billionaire blames bad version of MetaMask software.

According to CoinDesk, Voyager's creditors will recover an estimated 36% of their assets.

In a January ask-and-answer session on X, Cuban said that his crypto portfolio includes Bitcoin, Ethereum, Polygon and Injective, and that his NBA team the Dallas Mavericks still accepts Dogecoin as payment.

One of the digital wallets that hold Cuban's cryptocurrency is known as MetaMask.

Our Founders

Exodus was founded in 2015 by JP Richardson and Daniel Castagnoli. JP brings the technical magic behind the scenes to Exodus. JP has published over 200 open source libraries and has written code in use by most Bitcoin and cryptocurrency software on the web today.

Binance founder and CEO Changpeng Zhao (commonly known as CZ) was the crypto billionaire who lost the most money following the crypto crisis of 2022, with a net worth drop amounting to 82 billion U.S. dollars.

The culprit: His secretary, who had been stealing from him by using white-out and a typewriter to forge company checks, he said. The secretary took about $82,000, effectively wiping out MicroSolutions' account balance, Cuban confirmed to CNBC Make It. That meant Cuban's own money was nearly gone, too.

Losing more money than you make

It's not that no one has made money off crypto. In fact, our survey finds that of those who've had crypto, 28% sold it for more than it was worth. But a higher rate of investors — 38% — sold their crypto for less than it was worth when they bought it. Another 13% broke even.

Is Voyager paying back customers? ›

Voyager, a crypto trading platform founded in 2018, was one of many digital assets firms to go bust and file for Chapter 11 bankruptcy amid a crash in crypto prices in 2022. The exchange gained court approval last May to wind down operations and pay back customers a portion of what they're owed.

If you meet the criteria to consider your investment as “worthless”, you can claim the loss. However, by doing so you are relinquishing your rights to claim the assets in the future. Investment losses can offset your capital gains during the year and up to $3,000 of income.

The coin gained widespread attention in 2019, when billionaire Elon Musk declared Doge his “fav cryptocurrency” in a Twitter post.

It includes the following cryptocurrencies: Bitcoin. Ethereum. Dogecoin.

He is the former principal owner and current minority owner of the Dallas Mavericks of the National Basketball Association (NBA), co-owner of 2929 Entertainment, and one of the main "sharks" on the ABC reality television series Shark Tank.

Tech billionaire Mark Cuban recently lost nearly $900,000 worth of crypto to a scam that could happen to any crypto owner.

The fact that attackers can set up a contract before deploying it (before it even exists), using a wallet address that doesn't have a history of malicious activity, means that if they can get the victim to approve a contract they can drain their funds.

In a 2022 episode of the “Full Send Podcast,” Cuban revealed that he has not profited overall from investments he's made on the reality show. When asked, “Are you up all the time on 'Shark Tank' investments?” by the show's host, Cuban replied “Like, up financially? Oh no, I've gotten beat.”

Cuban sold a majority stake of the Mavs to the Adelson and Dumont family in December. Cuban still owns a 27-percent stake in the Mavericks, and in an exclusive interview with PEOPLE, he said he's still very much involved with them. "I'm still actively involved in the basketball side,” Cuban told PEOPLE.