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Dallas Mavericks fans fume at Mark Cuban over Voyager crypto bankruptcy

Dallas Mavericks fans are burned by the bankruptcy of voyager digital, a hapless cryptocurrency brokerage, and are lashing out at nba team owner mark cuban for enticing them to invest in the company.

voyager declared chapter 11 on Tuesday night, citing chaos in the crypto markets. the leading crypto player had paid high interest rates on crypto deposits and was hit when he tried to lend tokens at even higher rates. most account holders will have a hard time getting their money back, according to reports.

Reading: Mark cuban dallas mavericks bitcoin

“shame on mark for associating with them,” a mavericks fan posted on reddit, referring to the team’s billionaire owner and former investor in “shark tanks.”

“thank you mr. Cuban. make your fans trust unstable exchanges. brilliant,” another user sarcastically raged.

“another Cuban special,” wrote a third.

Mark Cuban

Mark Cuban’s Mavericks on Oct. 28 of last year announced a five-year partnership with Voyager and its CEO Steve Ehrlich, above.
Dallas Mavericks
Voyager sign
Voyager declared Chapter 11 late Tuesday, citing chaos in the crypto markets.
Dallas Mavericks

See also: How to Set Up a Cryptocurrency Wallet | SoFi

Cuban didn’t immediately respond to questions from The Post on Wednesday, including whether the Mavs are now a Voyager creditor with claims in bankruptcy court.

the mavericks in oct. On the 28th of last year, it announced a five-year partnership with Voyager that gives fans a $100 reward to trade crypto on Voyager for a limited time if they deposit $100 and trade just $10. At the time, Cuban said the voyager association would make cryptocurrencies more accessible.

“We are going to come up with new ways to introduce crypto to mavs fans and help them understand it,” Cuban said at the time. “You know, there’s a lot of hype, there’s a lot of discussion, but most people don’t understand the fundamentals behind it.”

cuban had even hosted a press conference that day with voyager executive director steve ehrlich, where newly signed new york knick jalen brunson, then a maverick, asked, “if this is the first time i’m getting into cryptography, what are some of the key things you need to know?”

Mark Cuban

“Shame on Mark for partnering with them,” one Mavericks fan posted on Reddit.
Dallas Mavericks

“Yeah, you’re spending your money, so always be careful,” Cuban responded at the time. “But the other thing, look, there’s 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 smart phone. You can start getting into this and saving your money and that’s just a unique opportunity.”

See also: Fidelity Crypto Industry and Digital Payments ETF | Fidelity Institutional

shares of voyager rose 9.5 percent on October 1. 28 at about $17 a share. on Wednesday it was trading at 26 cents.

Large cryptocurrency exchanges reveled in sponsorship deals in 2021 in an effort to appeal to sports fans, many of whom were flush with cash in a tight job market, on the heels of generous government stimulus of the pandemic. now, as the publication exclusively reported, cryptocurrency firms are ditching sports deals.

Voyager sign

Most Voyager account holders will be hard-pressed to get back their money.
Dallas Mavericks

“These struggles with crypto sponsors will lead all clubs to re-examine their sponsors risk-profiles, particularly for new industry categories,” Rick Allen, CEO of sports streaming consultant firm ViewLift told The Post.

“I hope teams and leagues double check their offerings, especially for sponsors in crypto, betting, nfts and other new categories where a lack of actual loss data made risk underwriting more speculative,” Allen added.

In a fortune article last month, cuban said there will be winners and losers in cryptocurrencies.

“In stocks and cryptocurrencies, you will see how companies that were supported by cheap and easy money, but that did not have valid commercial prospects, will disappear,” Cuban said. “As [Warren] Buffett says, ‘When the tide goes out, you can see who’s swimming naked.'”

See also: Tesla Sells Bitcoin for 64M Profit, Still Posts 170M Impairment Loss

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