JPMorgan Chase Faces Class Action Lawsuit Over Alleged $328M Crypto Ponzi Scheme

JPMorgan Chase is facing a proposed class action lawsuit filed by investors in Goliath Ventures, accusing the banking giant of ignoring clear warning signs that the crypto investment pool was fraudulent. The complaint, submitted in federal court in California's Northern District, alleges Chase provided critical banking infrastructure that enabled a $328 million crypto Ponzi scheme harming more than 2,000 investors.

According to the filing, Chase processed investor deposits, facilitated fund transfers, and enabled payments that allegedly manufactured the illusion of legitimate returns. The lawsuit claims the bank was the sole financial institution servicing Goliath, with roughly $253 million deposited into a Chase-linked account between January 2023 and June 2025. Of that amount, approximately $123 million was routed to crypto exchange Coinbase, while around $50 million was returned to investors as fabricated profits.

Florida resident Christopher Alexander Delgado was arrested last month on federal wire fraud and money laundering charges connected to his alleged operation of the scheme. His criminal case remains in early proceedings.

Filed by plaintiff Robby Alan Steele through Shaw Lewenz and co-counsel, the complaint argues that the suspicious movement of funds alone should have triggered red flags for the bank. "A fraudulent scheme of this magnitude cannot be run surreptitiously through one bank," the lawsuit stated. Attorneys claim Chase "turned a blind eye" while earning substantial fees from the transactions.

The suit also highlights a notable contradiction, pointing to JPMorgan CEO Jamie Dimon's well-documented public criticism of cryptocurrency, arguing the bank's alleged conduct conflicts sharply with his stated position. No specific damages figure was included in the filing. JPMorgan Chase declined to comment when contacted for a response.