JPMorgan Sued for Enabling $328 Million Crypto Ponzi Scheme

Investors have filed a class action lawsuit against JPMorgan Chase, accusing the bank of providing the banking infrastructure for a massive cryptocurrency Ponzi scheme run by Goliath Ventures. According to the lawsuit, the scheme collected at least $328 million from more than 2,000 investors over three years.

What is Goliath Ventures

Goliath Ventures was an investment platform led by Christopher Delgado from January 2023 through January 2026. The company promised clients high returns from cryptocurrency investments and trading. However, the lawsuit alleges that funds from new investors were actually used to pay earlier participants — the classic hallmark of a Ponzi scheme.

Delgado was arrested on February 24, 2026. Investigators believe he appropriated a significant portion of the collected funds for personal enrichment.

JPMorgan's role in the scheme

The lawsuit claims that JPMorgan served as Goliath Ventures' primary bank throughout the entire duration of the scheme. According to the plaintiffs, approximately $253 million in deposits flowed through a JPMorgan account between January 2023 and June 2025.

Of that amount, roughly $123 million was transferred to cryptocurrency wallets on Coinbase, while approximately $50 million was distributed to investors as supposed investment returns. The plaintiffs assert that the bank provided essential banking infrastructure that allowed the pyramid to operate despite numerous red flags.

What red flags the bank allegedly missed

The complaint cites several indicators that should have raised alarms in JPMorgan's compliance systems. These include regular large deposits from numerous individuals, systematic transfers of significant sums to a cryptocurrency exchange, and commingling of investor funds in a single account.

Under U.S. banking regulations, financial institutions are required to report suspicious transactions and take measures to prevent money laundering. The plaintiffs contend that JPMorgan failed to fulfill these obligations adequately.

Implications for the market and investors

This case underscores the risks investors face when entrusting funds to opaque crypto platforms. For those considering crypto investment, it is critical to verify a platform's licenses and regulatory status and to avoid promises of guaranteed high returns — the most common marker of a Ponzi scheme.

JPMorgan has not yet publicly commented on the lawsuit. If the court finds the bank liable, it could set a precedent for future cases regarding the role of traditional financial institutions in crypto fraud. For the Bitcoin market and other assets, the case could intensify regulatory pressure on banks' interactions with the crypto sector.