A group of investors has filed a class action lawsuit accusing JPMorgan of allowing its banking infrastructure to be used in a massive cryptocurrency Ponzi scheme tied to Goliath Ventures.
Key Takeaways
- Investors filed a class action lawsuit against JPMorgan in a US federal court over an alleged $328 million crypto Ponzi scheme linked to Goliath Ventures.
- The complaint claims the bank ignored suspicious transactions and allowed the company to use its infrastructure to collect investor funds.
- Authorities have arrested former Goliath Ventures CEO Christopher Delgado, who faces federal charges including wire fraud and money laundering.
- Prosecutors say the scheme collected funds from more than 2,000 investors between 2023 and early 2026.
What Happened?
A group of investors has filed a proposed class action lawsuit against JPMorgan in the US District Court for the Northern District of California, accusing the banking giant of helping facilitate a large scale cryptocurrency Ponzi scheme run by the now defunct Goliath Ventures.
The lawsuit claims JPMorgan allowed the company to move large volumes of investor money through its banking systems despite alleged warning signs of suspicious activity.
BREAKING: 🇺🇸 LARGEST U.S. BANK JP MORGAN IS GETTING SUED OVER A $328 MILLION A CRYPTO PONZI SCHEME.
— Bull Theory (@BullTheoryio) March 12, 2026
A new class action lawsuit filed in a U.S. federal court claims JP Morgan Chase helped enable a massive crypto Ponzi scheme run by Goliath Ventures.
According to the complaint,… pic.twitter.com/K25qa8n5f0
Lawsuit Claims JPMorgan Enabled Fraudulent Activity
The lawsuit alleges that JPMorgan permitted Goliath Ventures to rely on the bank’s reputation and financial infrastructure while raising money from investors for cryptocurrency related investments.
According to the complaint, the company used JPMorgan accounts to collect funds from investors who believed they were participating in legitimate cryptocurrency investment opportunities.
Investors argue that the bank should have identified red flags tied to the operation. The complaint states:
Plaintiffs claim the bank’s failure to intervene allowed the alleged scheme to continue attracting funds.
Funds Flowed Through Multiple Accounts
Court filings provide details about how investor money moved through the alleged scheme.
Investigators say the operation raised at least $328 million from more than 2,000 investors. The complaint claims that a large portion of these funds passed through a JPMorgan account identified as account 0305.
Key transaction details mentioned in the filings include:
- About $253 million deposited into the JPMorgan account between January 2023 and June 2025.
- Approximately $123 million transferred from that account to cryptocurrency wallets held at Coinbase.
- Around $75 million deposited into a Bank of America account.
- About $62 million sent directly to Coinbase wallets.
Federal prosecutors say investor funds moved through both traditional banking accounts and crypto wallets during the alleged operation.
Authorities say Christopher Delgado, the former chief executive officer of Goliath Ventures, was the sole signatory on the company’s Coinbase wallets. Prosecutors also allege he served as a co-signatory on a Bank of America account used by the firm.
CEO Arrested in Federal Case
The US Attorney’s Office for the Middle District of Florida announced the arrest of Christopher Delgado on February 24 in connection with the alleged fraud.
Prosecutors say the scheme operated between January 2023 and January 2026. If convicted on all counts, Delgado could face up to 30 years in federal prison.
Goliath Ventures, previously known as Gen-Z Venture Firm, has since filed for bankruptcy amid the allegations.
The lawsuit also claims that JPMorgan served as the company’s primary financial institution for a period between January 2023 and mid 2025, though federal filings indicate the company also used a Bank of America account and cryptocurrency wallets to receive funds.
More Complaints May Follow
The case was filed by attorneys from Shaw Lewenz, Sonn Law Group and Schwartzbaum.
One of the plaintiffs, Robby Alan Steele, claims he invested $650,000, including funds from his retirement savings.
Attorney Jordan Shaw said the legal team is continuing to identify additional victims and other parties that may have played a role in the alleged scheme.
Shaw said:
CoinLaw’s Takeaway
In my experience covering crypto related fraud cases, lawsuits like this often test how much responsibility banks carry when servicing companies operating in emerging sectors like cryptocurrency. While banks are not responsible for every action of their clients, this case raises serious questions about how financial institutions monitor large and unusual transactions linked to crypto investment businesses.
I found the scale of the alleged scheme particularly concerning. If the allegations hold up in court, it could become another example of how traditional banking infrastructure can still play a role in major crypto fraud cases. The outcome may also influence how banks handle relationships with crypto related companies in the future.
