A group of Voyager Digital investors has filed an appeal with the U.S. Court of Appeals for the Eleventh Circuit, seeking to revive their lawsuit against billionaire Mark Cuban and the Dallas Mavericks. The appeal challenges a December 2025 ruling by U.S. District Judge Roy K. Altman, who dismissed the case on jurisdictional grounds, finding that the plaintiffs had not shown Cuban and the Texas‑based NBA franchise purposefully targeted Florida residents.
The lawsuit, originally filed in 2022, accuses Cuban and the Mavericks of promoting Voyager’s products as de facto unregistered securities, allegedly encouraging fans to use the platform through incentives such as $100 in Bitcoin for opening an account and trading. The collapse of Voyager in July 2022, triggered by a default from crypto hedge fund Three Arrows Capital on a $650 million loan, led to significant investor losses.
After the dismissal, the plaintiffs — now represented by prominent litigator David Boies — also sought to reopen the case or transfer it to Texas, where jurisdiction would not be an issue. Those requests were denied in May 2026, and the appeal includes those rulings. Other celebrity defendants, including Rob Gronkowski, Victor Oladipo, and Landon Cassill, had already settled for a combined $2.4 million in 2024, leaving Cuban and the Mavericks as the sole remaining defendants.
If the Eleventh Circuit reverses the dismissal, the case would return to district court for a ruling on its merits, potentially testing the legal responsibility of public figures who promote crypto platforms. A confirmation of the dismissal would likely end the matter or push plaintiffs to refile in Texas. The appeal does not yet address whether Cuban’s promotion was misleading; it solely concerns the procedural jurisdiction issue.
