JPMorgan Chase (NYSE:JPM) faces a proposed class action lawsuit accusing the bank of enabling a $328 million crypto Ponzi scheme run by Goliath Ventures by ignoring suspicious transactions and allowing fraudulent wire transfers to Coinbase (NASDAQ:COIN) wallets.
The $328 Million Scheme
Investors filed the lawsuit Tuesday in U.S. District Court for the Northern District of California, alleging JPMorgan was the sole banking institution for Goliath from January 2023 to May or June 2025.
“Goliath obtained at least $328 million from what are believed to be over 2,000 investors,” the complaint states.
Investors deposited about $253 million into JPMorgan’s 0305 account from January 2023 through June 2025, representing nearly two-thirds of the $328 million total.
Investors transferred roughly $123 million of that amount to Goliath’s wallets maintained by Coinbase.
CEO Christopher Delgado ran the scheme through Goliath Ventures from January 2023 to January 2026 before authorities arrested him on February …