Voyager Class Action Alleges Company Targets Inexperienced Crypto Traders With False Representations About Platform

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Voyager Crypto Trading Class Action Lawsuit Overview: 

• Who: Mark Cassidy filed a class action lawsuit against Voyager Digital Ltd. and Voyager Digital LLC. 
• Why: Cassidy claims Voyager misleads inexperienced cryptocurrency investors into using its trading platform with false promises of commission-free trades at the best-possible market prices.
• Where: The class action lawsuit was filed in Florida federal court.

Voyager Digital misleads new cryptocurrency investors by falsely claiming its platform will give them commission-free trades and the best-available market prices, a new class action lawsuit alleges. 

Plaintiff Mark Cassidy claims Voyager, which operates a mobile app cryptocurrency investment service, “specifically targets” investors who are young and inexperienced with false representations. 

“Voyager Platform is a house of cards, built on false promises and factually impossible representations that were specifically designed to take advantage of the cryptocurrency craze to the direct detriment of any ordinary investor,” the class action lawsuit states. 

Cassidy claims Voyager falsely advertises that it has commission-free trades when, in reality, it sets its pricing high enough so that it can collect “exorbitant” commissions on every trade.

“Defendants place their own financial interests at the forefront, and are able to collect on average what is likely to be more in hidden commissions than their competition collect from their disclosed commissions,” the class action lawsuit states. 

Voyager Executes Market Orders At Highest End Of Spread, Pockets Secret Commissions, Plaintiff Argues

Cassidy argues Voyager displays a “Fair Market Price” for each cryptocurrency, however, he argues the company will “automatically execute market orders at the highest end of the spread” to “pocket secret” commissions. 

Cassidy claims Voyager is guilty of unjust enrichment and in violation of the Florida Deceptive and Unfair Trade Practices Act and the New Jersey Consumer Fraud Act.

Cassidy wants to represent a nationwide class and Florida subclass of investors who used Voyager’s trading platform to make cryptocurrency orders. He demands a jury trial and requests relief in the form of actual, direct, compensatory and statutory damages for himself and all class members. 

A separate class action lawsuit was filed against Coinbase last year by cryptocurrency investors who claimed the company either locked them out of their Coinbase wallets or allowed them to be breached by hackers.

Have you used Voyager’s trading platform to buy or sell cryptocurrency? Let us know in the comments! 

The plaintiff is represented by Adam M. Moskowitz and Joseph M. Kaye of The Moskowitz Law Firm, PLLC, and Stuart Z. Grossman and Rachel W. First of Grossman Roth Yaffa Cohen, P.A. 

The Voyager Crypto Trading Class Action Lawsuit is Cassidy v. Voyager Digital Ltd., et al., Case No. 1:21-cv-24441, in the U.S. District Court for the Southern District of Florida.

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