According to Peter Schiff, a crypto critic, Mark Cuban promoted Voyager Digital while aware that it was a hoax, and the lawsuit brought against the investor was “just the beginning.”
Schiff thinks that since Cuban had expressed his skepticism toward cryptocurrencies in the past, such as in an interview with Wired in 2019, he must have known that the cryptocurrency broker Voyager was a “scam” and that it was only promoting the platform “for the money.”
The millionaire owner of the Dallas Mavericks, Shark Tank investor, and former supporter of the controversial crypto lender Voyager Digital is Mark Cuban.
He took part in an event held by the cryptocurrency lending platform in October of last year and lauded it for being incredibly “simple” to use.
“I gotta add, I am a [Voyager] customer and I’ve been a customer for several months now. I like to use it, it’s easy, it’s cheap, it’s fast, and the pricing is actually really good, so we find it as a perfect fit for our Mavs fans and reaching Mavs fans of all ages,” he said during the event.”
Cuban asserted that the cryptocurrency business had “untapped potential” during the same conference and that Voyager assists beginner entrepreneurs in maximizing their profits.
“In other words, it’s a way to earn high returns while also getting skin in the game and the Voyager platform makes the process easy and simplified for fans of all ages. The 60+ crypto assets allow you to build a diverse portfolio from a single account.”
Following the suspension of withdrawals, deposits, and trading on its platform due to severely erratic market conditions, the cryptocurrency broker filed for bankruptcy in July, locking out thousands of users and preventing them from accessing their holdings.
Ironically, Cuban once stated that he thinks many cryptocurrency companies would “vanish” since they are funded by “cheap money.”
“In stocks and crypto, you will see companies that were sustained by cheap, easy money— but didn’t have valid business prospects — will disappear. Like [Warren] Buffett says, ‘When the tide goes out, you get to see who is swimming naked.”
On August 10, a complaint was filed against Stephen Ehrlich, a co-founder, and CEO of Voyager and a Shark Tank investor, accusing the two of “going to great lengths to use their experience as investors to dupe millions of Americans into investing <..> their life savings into the Deceptive Voyager Platform and purchasing Voyager Earn Program Accounts, which are unregistered securities,” and requesting the return of the customers’ assets.