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Voyager Investors Appeal Federal Courts Dismissal of Lawsuit Against Mark Cuban and Dallas Mavericks
On June 23 2026, investors in the bankrupt brokerage Voyager Digital filed an appeal with the U.S. Court of Appeals for the Eleventh Circuit, challenging a December 2025 ruling that dismissed their class‑action lawsuit against billionaire Mark Cuban and the Dallas Mavericks. The appeal seeks to overturn a decision by U.S. District Judge Roy K. Altman that dismissed the case on jurisdictional grounds.
The original complaint, lodged in 2022, accused Cuban—then the majority owner of the Mavericks and a high‑profile investor on Shark Tank—and the team of promoting Voyager’s products before the firm’s collapse. Investors claimed that Voyager offered unregistered securities through its platform and that celebrity endorsements nudged them to invest. The suit also cited a Mavericks promotion that promised $100 in Bitcoin to customers who downloaded the Voyager app, opened an account, deposited $100, and completed a trade.
Judge Altman’s December decision did not address the merits of the promotional conduct. Instead, the court held that the plaintiffs had failed to establish personal jurisdiction over Cuban and the Mavericks in Florida. The ruling noted that nationwide advertising campaigns and online promotions, by themselves, did not demonstrate that the defendants purposefully targeted Florida residents. The dismissal was granted without prejudice, allowing investors to pursue their claims in another jurisdiction.
The appeal also contests a May 27 order that denied the plaintiffs’ requests to reopen the case and reconsider the dismissal. The filing seeks review of earlier interlocutory rulings that became part of those decisions. According to court records, this appeal is the first step for investors who already secured a $2.4 million settlement with other celebrity promoters—retired NFL player Rob Gronkowski, NBA player Victor Oladipo, and NASCAR driver Landon Cassill—in 2024.
Voyager Digital filed for Chapter 11 bankruptcy protection in July 2022 after a short‑term run on the bank and the default of crypto hedge fund Three Arrows Capital on a $650 million loan. The bankruptcy triggered multiple lawsuits against executives, business partners, and promoters tied to the lender as investors sought compensation for losses linked to the company’s collapse.
The Eleventh Circuit’s review will focus on whether the Florida court’s jurisdictional analysis was correct and whether the dismissal should be reversed. If the appeal succeeds, investors could resume their claims against Cuban and the Mavericks, potentially setting a precedent for how celebrity endorsements are treated under securities law.
The case remains unresolved. The Eleventh Circuit has not yet scheduled a hearing, and the outcome will hinge on the court’s interpretation of state jurisdiction rules and the extent of the defendants’ promotional activities in Florida. Investors, regulators, and industry observers are watching closely, as the decision could influence future litigation involving high‑profile endorsements of crypto products.
The broader context of the lawsuit underscores the legal uncertainties that emerged after Voyager’s collapse. The company’s bankruptcy and the subsequent lawsuits against its leadership and partners have highlighted regulatory gaps in the crypto industry, especially regarding the sale of unregistered securities and the role of celebrity promoters. The outcome of this appeal may clarify the responsibilities of public figures who endorse crypto platforms.
Until the Eleventh Circuit issues a ruling, the lawsuit against Mark Cuban and the Dallas Mavericks remains in limbo. Investors continue to await a decision that could either revive their claims or confirm the dismissal. The case illustrates the complex intersection of securities law, celebrity influence, and the rapidly evolving crypto market.
The original complaint, lodged in 2022, accused Cuban—then the majority owner of the Mavericks and a high‑profile investor on Shark Tank—and the team of promoting Voyager’s products before the firm’s collapse. Investors claimed that Voyager offered unregistered securities through its platform and that celebrity endorsements nudged them to invest. The suit also cited a Mavericks promotion that promised $100 in Bitcoin to customers who downloaded the Voyager app, opened an account, deposited $100, and completed a trade.
Judge Altman’s December decision did not address the merits of the promotional conduct. Instead, the court held that the plaintiffs had failed to establish personal jurisdiction over Cuban and the Mavericks in Florida. The ruling noted that nationwide advertising campaigns and online promotions, by themselves, did not demonstrate that the defendants purposefully targeted Florida residents. The dismissal was granted without prejudice, allowing investors to pursue their claims in another jurisdiction.
The appeal also contests a May 27 order that denied the plaintiffs’ requests to reopen the case and reconsider the dismissal. The filing seeks review of earlier interlocutory rulings that became part of those decisions. According to court records, this appeal is the first step for investors who already secured a $2.4 million settlement with other celebrity promoters—retired NFL player Rob Gronkowski, NBA player Victor Oladipo, and NASCAR driver Landon Cassill—in 2024.
Voyager Digital filed for Chapter 11 bankruptcy protection in July 2022 after a short‑term run on the bank and the default of crypto hedge fund Three Arrows Capital on a $650 million loan. The bankruptcy triggered multiple lawsuits against executives, business partners, and promoters tied to the lender as investors sought compensation for losses linked to the company’s collapse.
The Eleventh Circuit’s review will focus on whether the Florida court’s jurisdictional analysis was correct and whether the dismissal should be reversed. If the appeal succeeds, investors could resume their claims against Cuban and the Mavericks, potentially setting a precedent for how celebrity endorsements are treated under securities law.
The case remains unresolved. The Eleventh Circuit has not yet scheduled a hearing, and the outcome will hinge on the court’s interpretation of state jurisdiction rules and the extent of the defendants’ promotional activities in Florida. Investors, regulators, and industry observers are watching closely, as the decision could influence future litigation involving high‑profile endorsements of crypto products.
The broader context of the lawsuit underscores the legal uncertainties that emerged after Voyager’s collapse. The company’s bankruptcy and the subsequent lawsuits against its leadership and partners have highlighted regulatory gaps in the crypto industry, especially regarding the sale of unregistered securities and the role of celebrity promoters. The outcome of this appeal may clarify the responsibilities of public figures who endorse crypto platforms.
Until the Eleventh Circuit issues a ruling, the lawsuit against Mark Cuban and the Dallas Mavericks remains in limbo. Investors continue to await a decision that could either revive their claims or confirm the dismissal. The case illustrates the complex intersection of securities law, celebrity influence, and the rapidly evolving crypto market.
