Crypto critic Peter Schiff claims Mark Cuban knew Voyager was a scam
A prominent gold advocate and Bitcoin critic believes Mark Cuban advertised Voyager Digital knowing it was “a scam.” and that the lawsuit against the investor was “just the beginning”.
Schiff believes that because Cuban was previously very skeptical of cryptocurrencies – as he stated, for example, in an interview with Wired in 2019 – he must have known that a crypto broker Voyager was a “scam” and only advertised the platform “for the money.”
Mark Cuban, a billionaire, Shark Tank investor and Dallas Mavericks owner, previously backed a now infamous crypto lender Voyager Digital.
Last October, he attended an event hosted by the crypto-lending platform and praised it for being very “easy” to use.
“I must add, I am one [Voyager] customer and I have been a customer for several months now. I like using it, it’s easy, it’s cheap, it’s fast, and the prices are actually really good, so we find it to be a perfect fit for our Mavs fans and reach Mavs fans of all ages,” he said during the event. “
During the same conference, Cuban claimed that the crypto market has “untapped potential” and Voyager helps newbies maximize their returns.
“In other words, it’s a way to earn high returns while getting skin in the game, and the Voyager platform makes the process easy and simplified for fans of all ages. The 60+ crypto assets allow you to build a diverse portfolio from a single account.”
The crypto broker filed for bankruptcy in July after suspending withdrawals, deposits and trading on its platform, citing extremely volatile market conditions, which left thousands of users locked out of their accounts without access to their assets.
Ironically, Cuban once said that he believes many companies in the crypto space, backed by “easy money”, will “disappear”.
“In stocks and crypto, you’ll see companies that were sustained by cheap, easy money — but did not have valid business prospects — will disappear. As [Warren] Buffett says, “When the tide goes out, you get to see who’s swimming naked.” On August 10, a lawsuit was filed against Shark Tank investor and Voyager co-founder and CEO Stephen Ehrlich, alleging that the two “went to great lengths to use their experience as investors to deceive millions of Americans into investing <..> their life savings into the Deceptive Voyager platform and purchases of Voyager Earn program accounts, which are unregistered securities,” and demanding that customers’ assets be repaid.
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