Mavericks fans call out Cuban as their assets get tied up in the Voyager debacle.
Fans of the Dallas Mavericks hurt by the insolvency concerns around crypto lender Voyager are making their displeasure against billionaire Mark Cuban who promoted the platform to them known, as the New York Post reported.
“Shame on Mark for partnering with them,” a fan is quoted as saying on Reddit, even as another quipped, “Thank you Mr. Cuban. Getting your fans to trust unstable exchanges. Brilliant.”
It is worth noting that the Mavericks inked a 5-year partnership deal with Voyager in October last year, offering fans a $100 reward for trading on the platform. In a press conference with Voyager chief Steve Ehrlich, responding to a question about what a newbie should know before getting into crypto, Cuban reportedly said:
“Yeah, you’re spending your money, so always be careful,” adding, “But the other thing, look, there are investments, things like Shiba Inu and Dogecoin, those aren’t investments. But Voyager … this is a good way to learn and it’s something you can do on your smartphone. You can start getting into this and saving your money and that’s just a unique opportunity.”
However, things have not gone as Cuban, and the Maverick fans hoped. Several crypto lending platforms, including Voyager, have buckled under pressure this year as the value of cryptocurrencies continues to plummet in the face of inflation concerns that have led central banks to raise rates, a situation worsened in May with the collapse of the Terra ecosystem.
Voyager, as reported by The Crypto Basic, due to insolvency concerns, halted activity on its platform and has since filed for Chapter 11 bankruptcy in New York on Wednesday. It is worth noting that the core of a Chapter 11 filing is to allow an embattled firm to reorganize to pay its debts over time. It is worth noting that at the time of writing, it remains unclear how Voyager plans to do this and how long it would take.
According to the filings, Voyager’s biggest debtors include embattled Three Arrows Capital, which they have already served a default notice, Sam Bankman-Fried’s Alameda Research, in a surprising turn of events, and Galaxy Digital amongst others.
Image source: Twitter
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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