JPMorgan Sued by Investors for Alleged Involvement in $328 Million Crypto Ponzi Scheme

Odaily News Investors filed a class-action lawsuit on Tuesday in the U.S. District Court for the Northern District of California, alleging that JPMorgan failed to stop suspicious transactions and allowed the now-defunct Goliath Ventures to use its banking infrastructure to collect investor funds in a $328 million crypto Ponzi scheme.

The complaint states that from January 2023 to May or June 2025, JPMorgan was the sole banking provider for Goliath, which raised at least $328 million from over 2,000 investors. Approximately $253 million of these funds were deposited into JPMorgan account 0305, and about $123 million was transferred to wallets held by Goliath on Coinbase.

Previously, on February 24, the U.S. Attorney's Office for the Middle District of Florida announced the arrest of Goliath CEO Christopher Delgado, who faces up to 30 years in federal prison. Prosecutors allege that Goliath (formerly known as Gen-Z Venture Firm) operated the scheme from January 2023 to January 2026. Another criminal complaint revealed that Goliath also held a business account at Bank of America, with Delgado as a co-signer for that account.