Voyager Investors Appeal Dismissal of Mark Cuban Lawsuit — No Court Has Yet Ruled on the Merits

Key Highlights

• Plaintiffs filed a notice of appeal to the Eleventh Circuit on 23 June, challenging a December 2025 dismissal of their lawsuit against Mark Cuban and the Dallas Mavericks.
• The dismissal was procedural — Judge Roy K. Altman threw out the case on jurisdictional grounds, not because Cuban was found to have done nothing wrong.
• The allegations — that Cuban promoted Voyager Digital as "risk-free" and helped sell unregistered securities — have never been ruled on by any court.
• Other celebrity defendants including Rob Gronkowski settled for a combined $2.4 million in 2024; Cuban and the Mavericks chose to fight rather than settle.
• The plaintiffs' legal team includes David Boies of Boies Schiller Flexner, one of the most prominent litigators in the United States.

The first and most important thing to establish about Mark Cuban's crypto lawsuit is what has not happened. No court has ruled on whether Cuban did anything wrong. The December 2025 dismissal that sent this case to the Eleventh Circuit was purely procedural — Judge Roy K. Altman found that the plaintiffs had failed to establish Florida jurisdiction over a Texas-based billionaire and a Texas-based NBA franchise. The underlying allegations were never examined, tested, or decided.

On 23 June 2026, the plaintiffs filed a notice of appeal challenging that dismissal, along with a May 2026 order in which the district court declined to reopen the case or transfer it to Texas, where the jurisdictional problem would not apply. The appeal does not ask the Eleventh Circuit to rule on whether Cuban acted improperly — it asks the court to decide whether the case should have been dismissed on procedural grounds at all, and whether it should now be revived.

What the Plaintiffs Allege

These remain untested allegations. Filed in 2022 following Voyager Digital's collapse, the suit claims Cuban and the Dallas Mavericks promoted Voyager to fans as a "risk-free" investment platform, offering incentives including $100 in Bitcoin for making a deposit. The plaintiffs argue this constituted the promotion of unregistered securities, and that investors who acted on those endorsements lost money when Voyager failed.

Voyager filed for Chapter 11 bankruptcy in July 2022 after Three Arrows Capital defaulted on a roughly $650 million loan, triggering a customer run that wiped out deposits. The legal question the plaintiffs want answered is whether the celebrity promotion that helped draw some of those customers to the platform carries legal responsibility. Cuban and the Mavericks have contested every aspect of those claims and won dismissal — though, again, on procedure rather than substance.

The Settlement That Didn't Include Cuban

Cuban was not the only public figure named in the original lawsuit. Rob Gronkowski, Victor Oladipo, and NASCAR driver Landon Cassill were also defendants. All three settled for a combined $2.4 million in 2024 and exited the case. A settlement carries no admission of liability — none was established — but their departure leaves Cuban and the Mavericks as the sole remaining defendants, and the only ones who chose to fight the case rather than resolve it. That decision produced the dismissal they now defend on appeal.

One additional shift in context: Cuban has since sold his majority stake in the Dallas Mavericks to Miriam Adelson. The franchise's current ownership is different from the one that ran the Voyager promotion at issue in the case.

What the Eleventh Circuit Will Decide

The appeals court faces a narrow but consequential question. If it reverses Altman's dismissal, the case returns to district court and would finally be litigated on its merits — testing, for the first time in any court, whether the promotion was misleading, whether Voyager qualified as an unregistered security, and whether Cuban bore legal responsibility for the losses that followed. If the appeals court upholds the dismissal, the plaintiffs could potentially refile in Texas, where jurisdiction is not in dispute, or the litigation could end entirely.

The plaintiffs' team gives some indication of how seriously the appeal is being resourced. Alongside Adam Moskowitz of the Moskowitz Law Firm, the plaintiffs are represented by David Boies of Boies Schiller Flexner — a litigator best known for taking on major institutions in high-stakes cases, whose involvement signals this is not a speculative long shot.

Why the Outcome Matters Beyond Cuban

The Cuban case sits within a broader set of unresolved questions about celebrity endorsements of failed crypto platforms that proliferated between 2020 and 2022. Most of those cases have ended in settlements or procedural dismissals, as this one initially did. Very few have produced a court ruling on the underlying liability question: what standard of responsibility applies to a public figure who promotes a financial product to their audience, and what happens when that product fails?

If the Eleventh Circuit revives the case and it eventually reaches a merits ruling, it could become one of the clearest legal tests the industry has seen on that question. For now, the appeal decides only whether the fight continues. Nothing has been proven, nothing has been ruled out, and the allegations against Cuban remain exactly where they have been since 2022 — serious, specific, and entirely unresolved.