TechFlow News, March 12: According to The Block, JPMorgan Chase is facing a class-action lawsuit in the U.S. District Court for the Northern District of California for allegedly providing banking infrastructure to Goliath Ventures’ $328 million cryptocurrency Ponzi scheme. The complaint alleges that between January 2023 and June 2025, approximately $253 million was deposited into Chase accounts, of which $123 million was transferred to Coinbase wallets and roughly $50 million was paid out to investors as fictitious returns.
The complaint states that Chase’s anti-money laundering (AML) systems failed to detect multiple red flags of fraud—including rapid inflows and outflows of funds and commingling of accounts—and that Chase continued providing services even after becoming aware of the fraudulent activity. The plaintiffs, representing over 2,000 investors, are seeking compensatory damages and disgorgement of fees received by Chase. Christopher Delgado, CEO of Goliath Ventures, was arrested on February 24.
