JPMorgan Chase Sued by Investors Over Alleged $3.28 Billion Cryptocurrency Ponzi Scheme

**March 12th — JPMorgan Chase is facing a proposed class-action lawsuit from investors, filed Tuesday in the U.S. District Court for the Northern District of California.** Investors accuse the bank of providing banking infrastructure to defunct crypto firm Goliath Ventures and turning a blind eye to suspicious transactions. They claim JPMorgan enabled Goliath to access investor funds via its account system, even as CEO Jamie Dimon publicly criticized Bitcoin. The lawsuit further alleges JPMorgan should have uncovered during its Know Your Customer (KYC) process that Goliath operated a crypto investment fund pool structured as “private equity” without the required sales permit, and failed to block wire transfers tied to crypto scams. **Background:** On February 24th, the U.S. Attorney’s Office for the Middle District of Florida announced Goliath CEO Christopher Delgado’s arrest. He faces up to 30 years in federal prison if convicted. Prosecutors say the Ponzi scheme ran from January 2023 to January 2026, raising at least $328 million from over 2,000 investors.