Voyager Digital lawyers demand to dismiss the lawsuit against billionaire Mark Cuban

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Voyager Digital's lawyers have asked the bankruptcy court to dismiss a lawsuit filed by investors against the company's co-founder.

In early July, crypto lender Voyager Digital filed for bankruptcy due to prolonged market volatility and the default of Three Arrows Capital (TAC).As noted by lawyers, litigation against companies in bankruptcy is automatically suspended, this also includes claims for debt collection.However, this does not apply to third parties and company executives.Therefore, bankruptcy judges may decide to grant temporary judicial protection to persons associated with the company.

Legal advisors to Voyager Digital mentioned a class action lawsuit that involvesAmerican billionaire, owner of the Dallas Mavericks basketball club Mark Cuban.The plaintiffs accused him of collaborating with Voyager Digital.They allege that Cuban encouraged young fans with no investment experience to invest their savings in Voyager Digital.According to the plaintiffs, the billionaire misled them by failing to disclose fees for cryptocurrency trades made on the platform.

In addition, in the lawsuit against Voyager DigitalFDIC-protected lender status is being challenged. In July, the FDIC and the US Federal Reserve Board (Fed) issued a joint
press release demanding that Voyager stop making false statements on social media about its deposit insurance status.

Recently Mark Cuban criticized the Americanregulators for the lack of rules to regulate cryptocurrencies. He believes that clear regulations would help avoid many of the problems in the industry and would significantly reduce the number of lawsuits against cryptocurrency companies.