Plaintiffs in the Voyager Digital lawsuit have filed an appeal with the Eleventh Circuit Court, seeking to overturn a federal judge’s decision that dismissed their claims against Mark Cuban and the Dallas Mavericks. The filing, submitted on June 24, challenges a December 30, 2025 ruling that found insufficient ties to Florida to justify the case moving forward.
The appeal also contests a separate May 27 order that denied attempts to reopen and reconsider the dismissal. Plaintiffs are further asking the appellate court to review earlier related decisions that were folded into those rulings.
Background of the lawsuit
The case, first filed in 2022, alleges that Cuban and the Mavericks promoted unregistered securities through the now-bankrupt Voyager Digital platform. The lawsuit also initially included other public figures from sports and entertainment who were accused of endorsing Voyager’s services.
Some defendants have already settled. Rob Gronkowski, Victor Oladipo, and Landon Cassill agreed to a $2.4 million settlement in 2024, leaving Cuban and the Mavericks as the remaining defendants.
Voyager Digital filed for Chapter 11 bankruptcy in July 2022 after a liquidity crisis tied to a $650 million loan default by hedge fund Three Arrows Capital. Its collapse triggered multiple lawsuits focused on its marketing practices.
Jurisdiction at the center of the appeal
The appeal hinges on whether Cuban and the Mavericks can be sued in Florida based on their promotional activities. The lower court ruled their connections to the state were too limited, effectively halting the case.
Now, the Eleventh Circuit must decide whether nationwide promotions through media and online platforms can establish sufficient legal ties to a specific state. Previous rulings from the court suggest that online promotion of cryptocurrency products may qualify as solicitation under securities laws.
Broader regulatory and market context
The case unfolds as regulators continue to scrutinize celebrity endorsements in the cryptocurrency sector. The US Securities and Exchange Commission has taken action against public figures who failed to disclose compensation for promoting digital assets, pushing for greater transparency.
At the same time, the crypto market has shown signs of slowing momentum. By early June 2026, total market capitalization had dipped about 3.3% to roughly $2.55 trillion, reflecting more cautious behavior among traders.
What comes next
If the appeal succeeds, the case will return to district court, where the underlying allegations would finally be addressed. A reversal could also set a broader precedent, signaling that public figures may face legal accountability in states where their promotions reach large audiences.
Such an outcome would likely reshape expectations around celebrity involvement in financial product endorsements, particularly in the fast-evolving cryptocurrency space.
Concerned about crypto lawsuits and regulation? Learn core concepts in our guide here before investing.
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