Mavericks fans are asking billionaire Mark Cuban, known for buying Dogecoin (DOGE), to account. The reason behind this is Voyager’s bankruptcy. Here are the details…
Criticism is pouring on Cuban, known for his Dogecoin investment
As the New York Post reports, fans of the Dallas Mavericks are being hurt by bankruptcy concerns surrounding cryptocurrency lending platform Voyager. “Shame on Mark for partnering with them,” one fan wrote on Reddit. Another user said, “Thank you, Mr. Cuban. You’ve made your fans trust unstable stock markets. It’s amazing,” he said. cryptocoin.com As we reported, Mavericks signed a 5-year partnership agreement with Voyager in October last year. It’s also worth noting that it rewarded fans with a $100 reward for transacting on the platform. Answering a question about what newbies should know before getting into crypto at a press conference with Voyager executive Steve Ehrlich, Cuban said:
Yes, you are wasting your money, so always be careful. But on the other hand, look, there are investments. Things like Shiba Inu and Dogecoin, these are not investments. But Voyager… it’s a good way to learn about crypto, and something you can only do on your smartphone. You can start getting into it and saving your money. It just provides a unique opportunity.
But things didn’t go as Mark Cuban and Maverick fans had hoped. Many cryptocurrency lending platforms, including Voyager, have come under pressure this year as the value of cryptocurrencies continues to fall amid inflation concerns that have prompted central banks to raise rates. This situation was exacerbated by the collapse of the Terra ecosystem in May.
Voyager went bankrupt
As we previously reported, Voyager has ceased operations on its platform due to bankruptcy concerns. Later, she filed for bankruptcy (section 11) in New York on Wednesday. It’s worth noting that the essence of filing this bankruptcy filing is to allow a struggling firm to reorganize to pay off its debts over time. At the time of writing, it is unknown how Voyager plans to do this. It is also unclear how long this process will take.
According to the filings, Voyager’s largest borrowers include the embattled Three Arrows Capital, for which they have already filed a notice of default. Also, surprisingly, they include Sam Bankman-Fried’s Alameda Research and Galaxy Digital, among others. Meanwhile, Voyager’s VGX token has also collapsed. The cryptocurrency lost nearly 50 percent of its value after the bankruptcy event. It was 98 percent below the record $12.47 he last saw in 2018.
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