Business
March 13, 2026
A crypto class action lawsuit filed in a US federal court has placed JPMorgan Chase in the middle of a controversy. The complaint, filed in the Northern District of California, accuses JPMorgan of enabling a crypto Ponzi scheme tied to investment firm Goliath Ventures. According to the filing, more than 2,000 investors collectively lost around $328 million as they were caught up in the Goliath Ventures fraud, and some allegedly drained retirement accounts before their money disappeared. This case is still ongoing, and claims have not been proven in court.
The legal filing makes a point of highlighting comments made by Jamie Dimon about Bitcoin. Dimon, JPMorgan’s CEO, has time and again called Bitcoin “a decentralized Ponzi scheme.” Plaintiffs quote those remarks directly in the complaint. They argued that the bank should have been especially alert to the warning signs of fraud in crypto-related flows.
The JPMorgan lawsuit in 2026 alleged that instead of stopping this activity, JPMorgan provided the accounts and payment mediums that allowed the operation to function.
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JPMorgan was Goliath Ventures’ Sole Bank as $253M in Suspicious Deposits Went Undetected
A deeper look at the filing reveals how JPMorgan and Goliath Ventures were closely linked. They were tied through the accounts used to run the investment pool. The JPMorgan Goliath Ventures accounts received around $253 million in deposits between January 2023 and June 2025.
Large portions of those funds were allegedly moved in Ponzi-style patterns. Court documents claim that about $123 million was transferred to the crypto exchange Coinbase. Meanwhile, $50 million was sent to earlier investors as supposed “returns.” The payments helped sustain the illusion that the investment program was profitable.
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Plaintiffs argue the transaction activity itself should have alerted the bank’s compliance systems. The complaint states that JPMorgan allegedly processed transfers, carried out investor payments, and even allowed the accounts to continue operating despite “numerous red flags.” The filing read,
“Numerous red flags made the fraudulent nature of the scheme obvious and known to Chase. Despite those red flags, Chase turned a blind eye and continued servicing the accounts used to perpetrate the fraud, earning substantial fees from the hundreds of millions of dollars it washed through Goliath and Delgado’s banking activities at Chase.”
The alleged scheme centers on Goliath Ventures, whose operator is Christopher Alexander Delgado. He was arrested by federal authorities last month on wire fraud and money-laundering charges.
JPMorgan’s Epstein Past Resurfaces
The latest case comes as JPMorgan is still shaking off scrutiny tied to its past relationship with financier Jeffrey Epstein. The bank reportedly processed more than $1 billion in transactions for Epstein over 15 years, as per reports. But they went on to cut ties in 2013 amid internal concerns. JPMorgan even agreed to pay $290 million to settle claims brought by Epstein’s victims. This was even though the bank said it had reported suspicious activity and did not knowingly facilitate the crimes.
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