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Investors Sue JPMorgan Over Goliath Ventures’ Alleged $328 Million Crypto Ponzi Scheme

Investors Sue JPMorgan Over Goliath Ventures’ Alleged $328 Million Crypto Ponzi Scheme

A proposed federal class action alleges JPMorgan ignored warning signs while serving as Goliath Ventures’ sole bank, processing hundreds of millions of dollars tied to the alleged scheme.

Fact Check
The claim is accurately supported by both legal filings and official government actions. A class action lawsuit, Steele v. JPMorgan Chase Bank, N.A., was indeed filed in March 2026 as reported by Sonn Law Group and Cointelegraph. Furthermore, the U.S. Department of Justice confirmed the arrest of Goliath Ventures CEO Christopher Delgado on February 24, 2026, for his role in the alleged $328 million scheme.
Summary

A proposed class action filed in federal court in the Northern District of California accuses JPMorgan Chase of enabling Goliath Ventures’ alleged $328 million crypto Ponzi scheme by ignoring red flags while providing core banking services. The complaint says JPMorgan was Goliath’s sole bank and processed about $253 million in deposits between January 2023 and June 2025, including roughly $123 million sent to Coinbase and about $50 million paid to investors as purported returns. The suit follows the recent arrest of Goliath operator Christopher Alexander Delgado on wire fraud and money laundering charges. JPMorgan declined to comment, according to CoinDesk.

Terms & Concepts
  • Class action: A lawsuit brought by one or more plaintiffs on behalf of a larger group of people with similar claims.
  • Ponzi scheme: A fraudulent operation that pays earlier investors with funds from newer investors rather than from legitimate profits.
  • Coinbase: A cryptocurrency exchange platform used to buy, sell and transfer digital assets.