JPMorgan Sued Over Alleged Role in $328M Crypto Ponzi Scheme

JPMorgan Chase faces a proposed class action lawsuit in the US District Court for the Northern District of California for allegedly facilitating a $328 million crypto Ponzi scheme operated by now defunct Goliath Ventures. Investors claim the bank ignored suspicious transactions and allowed Goliath to use its infrastructure to collect funds without proper licensing.

The complaint notes that JPMorgan served as the primary banking partner for Goliath from January 2023 through mid-2025, with roughly $253 million deposited into a JPMorgan account. Of these deposits, approximately $123 million were transferred to Goliath wallets at Coinbase.

Criminal Parallel Case Against Goliath CEO

The US Attorney’s Office for the Middle District of Florida arrested Goliath CEO Christopher Delgado on February 24, 2026. Delgado faces up to 30 years in federal prison if convicted. Prosecutors allege the scheme, formerly operating as Gen-Z Venture Firm, ran from January 2023 to January 2026, targeting over 2,000 investors.

Additional Banking Details

Goliath also held accounts at Bank of America, with Delgado as co-signatory. Attorneys leading the civil case said more complaints may be filed as additional victims are identified.

The lawsuit underscores ongoing scrutiny of major banks’ roles in monitoring and preventing crypto-related fraud and emphasizes investor efforts to maximize recovery from illicit schemes.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.