Investors say that JPMorgan helped move money in a $328 million crypto Ponzi scam, while a separate federal investigation is going after the founder of Goliath Ventures.
Goliath Ventures is suing JPMorgan for allegedly assisting them in conducting a $328 million crypto Ponzi scam, which is no longer operational.
On Tuesday, investors filed a proposed class action lawsuit in the US District Court for the Northern District of California. They say that JPMorgan ignored suspicious transactions and let Goliath utilise its infrastructure to collect money from investors.
The lawsuit says that even though JPMorgan CEO Jamie Dimon has spoken out against Bitcoin (BTC $70,480) several times, the bank didn’t stop crypto criminals from making fake wire transfers.
The complaint says, “Chase, because of its Know Your Customer, actually knew that Goliath was acting as a ‘private equity’ cryptocurrency pool operator investing money for investors, without being licensed at all to sell these investments.”
Lawsuit focuses on JPMorgan account flows
On February 24, the US Attorney’s Office for the Middle District of Florida said that they had arrested Christopher Delgado, the CEO of Goliath. If the court finds him guilty on all counts, he could face up to 30 years in federal prison.
The prosecutors alleged that Goliath Ventures, which used to be called Gen-Z Venture Firm, ran the plan from January 2023 until January 2026.
The lawsuit says that from January 2023 to May or June 2025, JPMorgan was Goliath’s only bank. According to the complaint, “Goliath got at least $328 million from what are thought to be more than 2,000 investors.”
The complaint also discusses money that was moved from a JPMorgan account to Goliath wallets on Coinbase.
The complaint states that the bank’s 0305 account received approximately $253 million between January 2023 and June 2025. This accounts for more than two-thirds of the reported $328 million that investors contributed. About $123 million of money went to Goliath’s Coinbase wallets.
Source: Law.com
Separate complaint mentions a Bank of America account
The US authorities also filed a separate criminal complaint that stated Goliath had corporate accounts at Bank of America.
The February 20 complaint says, “Delgado was a co-signatory on the BOA 9136 account in the name of Goliath.” Goliath directors informed at least one investor that Delgado was responsible for the account.
The complaint went on to say that most of the money sent by investors went into JPMorgan’s 0305 account, the BOA 9136 account, or was routed straight to Goliath’s Coinbase accounts.
The authorities argued that Delgado was the only person who could sign Goliath’s Coinbase wallets.
More victims continue to come forward
A group of lawyers from Shaw Lewenz, Sonn Law Group, and Schwartzbaum filed the complaint. The first plaintiff, Robby Alan Steele, stated he put in a total of $650,000, which included money from his retirement account.
Jordan Shaw of Shaw Lewenz said there would be more complaints to come because the team is still finding people and groups they think are involved.
Shaw remarked, “We are being careful and deliberate about who we file against, to support the receiver and his efforts.” He went on to say, “The goal is not to duplicate efforts but to maximise recovery.”