Synopsis: A federal judge dismissed a cryptocurrency class-action lawsuit against Mark Cuban and the Dallas Mavericks on December 26, 2025, ruling that the Florida court lacked personal jurisdiction over the Texas-based defendants.
A federal judge has thrown out a cryptocurrency lawsuit against Mark Cuban and the Dallas Mavericks. The case involved allegations that Cuban promoted a failed crypto platform, leading to massive investor losses. Judge Roy K. Altman ruled that the Florida court lacked jurisdiction over the Texas-based defendants. The dismissal marks a significant victory for Cuban after three years of legal battles.
Cuban’s Voyager Endorsement
The lawsuit originated from Cuban’s October 2021 endorsement of Voyager Digital at a Mavericks news conference. Cuban publicly stated he had personally invested in the cryptocurrency platform. The Mavericks amplified the promotion through social media, offering $100 in free Bitcoin to new users. Investors claimed these endorsements persuaded them to open interest-bearing accounts with Voyager.
However, Voyager’s business model relied heavily on risky lending practices. The platform managed over $5 billion in assets and served nearly 3.5 million investors at its peak in 2021. When the crypto market crashed in 2022, Voyager faced catastrophic losses from defaulted loans. The company filed for Chapter 11 bankruptcy in July 2022 with approximately $1.3 billion in crypto assets. Investors filed the class-action lawsuit in August 2022, seeking over $3 billion in damages.
Court Rules Florida Lacks Jurisdiction
Judge Altman dismissed the case on December 26, 2025, based on jurisdictional grounds. The plaintiffs failed to establish personal jurisdiction over Cuban and the Mavericks in Florida. The court found that nationwide promotional activities did not constitute purposefully targeting Florida residents. Cuban’s attorneys successfully argued that the Florida court had no authority to hear the case.
Furthermore, Cuban’s legal team contended that Voyager’s assets were not securities subject to promotional regulations. They also emphasized that Cuban had warned investors to exercise caution with their money. The dismissal was issued without prejudice, meaning plaintiffs could potentially refile in another jurisdiction. Nevertheless, the court explicitly barred refiling in the Florida district.
Cuban’s Team Celebrates Victory
Steve Best, lead counsel for Cuban and the Mavericks, expressed satisfaction with the outcome. Best called it “the absolute right result” after extensive litigation. He acknowledged that plaintiffs might consider filing in another jurisdiction but remained confident. Best stated he looks forward to defending Cuban and the Mavericks anywhere in the country.
Moreover, Best emphasized Cuban’s principled stance on legal matters. He noted that “Mark doesn’t settle when he believes he is on the right side of the law”. Cuban has since sold his majority stake in the Mavericks to casino magnate Miriam Adelson. Other celebrities named in similar Voyager lawsuits, including Rob Gronkowski and Victor Oladipo, previously settled their cases.
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Broader Implications for Crypto Endorsements
This dismissal highlights challenges in holding celebrity promoters accountable for failed crypto platforms. The case was part of a wave of lawsuits targeting athletes and celebrities who endorsed bankrupt cryptocurrency companies. Voyager’s collapse occurred during the 2022 crypto winter, triggered by the Terra blockchain implosion. That crash wiped out approximately $40 billion in market value.
Additionally, the ruling may set precedent for future celebrity endorsement cases in the cryptocurrency space. National advertising campaigns alone may prove insufficient to establish jurisdiction in distant courts.
Plaintiffs may need to pursue cases in defendants’ home states to succeed. Meanwhile, attorneys for the plaintiffs have not publicly responded to the dismissal. The outcome underscores ongoing regulatory challenges in protecting cryptocurrency investors from misleading promotional practices.
Written By Fazal Ul Vahab C H
