Peter Schiff remains vocal about his criticism of digital assets and their promoters. After noting that he expects Bitcoin to crash back to $10k, the prominent crypto caviler has this time recently taken a swipe at billionaire Mark Cuban. This follows the Class Action suit slammed on Cuban.
Peter Schiff thinks Cuban promoted Voyager just for the money
Schiff once again remarked that he believes promoters of cryptocurrencies are in it for the money. He asserted that most of them do not particularly believe in the projects. The radio personality felt the necessity to bring back this assertion, as a lawsuit was filed against Mark Cuban for his part in promoting now bankrupt Voyager Digital.
A problem for Cuban in this lawsuit is that he was an early Bitcoin critic. He only flipped when he saw an opportunity to profit from the crypto mania,
Schiff said in a tweet.
Speaking further, the 59-year-old stock broker presented some serious claims. “So he sold out for the money,” Schiff said, “that surprised me at the time as I thought he had more than enough.”
Peter Schiff stated that Cuban’s lawsuit is just the beginning of bitter times ahead for crypto promoters. He mentioned that he expects the Bitcoin bubble to burst in a matter of time. In which case, he believes investors in loss will file lawsuits against the promoters who cashed out.
Some fans believe Cuban was equally a victim in the Voyager fiasco
Nonetheless, some fans have disagreed with Schiff on the matter, implying that Cuban was probably another victim. “He is a multi billionaire. He wouldn’t sell out for money,” one Spencer Schiff said, “He has put plenty of effort into things that don’t benefit him financially.” The Twitter user argued that the Voyager team likely fooled Cuban.
Recall that, on August 11, Moskowitz Law Firm brought a Class Action against Mark Cuban. The litigation was on behalf of investors who had losses due to the Voyager fiasco. The lawsuit alleged that Cuban promoted Voyager Digital to the detriment of investors.
According to the lawsuit, Cuban and Stephen Ehlrich, CEO of Voyager, should be held responsible for the losses incurred as a result of Voyager’s debacle.
On July 1, citing exposure to 3AC, Voyager paused customer withdrawals. Shortly after, the crypto lender went bankrupt, leaving investors in confusion as losses piled up.