CoinDesk reports on the proposed class action filed against JPMorgan Chase by investors in the collapsed Goliath Ventures cryptocurrency fund, alleging the bank enabled a $328 million crypto Ponzi scheme by ignoring clear warning signs. Murphy’s Law: The Crypto Law Firm is part of the legal team that filed the complaint alongside Shaw Lewenz, Sonn Law Group, and Schwartzbaum.
The lawsuit, filed in the U.S. District Court for the Northern District of California (Case No. 3:26-cv-02067), alleges that JPMorgan was Goliath’s sole banking institution from January 2023 through June 2025, processing approximately $253 million in deposits during that period. Roughly $123 million of those funds were transferred from the JPMorgan account to Goliath’s wallets at Coinbase, while approximately $50 million was wired out to investors as purported returns that were allegedly funded by incoming deposits from newer investors in classic Ponzi scheme fashion.
The complaint highlights the contrast between JPMorgan CEO Jamie Dimon’s long history of publicly criticizing cryptocurrency and the bank’s alleged conduct, stating that despite Dimon’s warnings that crypto is often tied to money laundering and wire fraud, Chase knowingly permitted Goliath to commingle investors’ money and use funds from later investors to pay earlier ones.
The first named plaintiff, California resident Robby Alan Steele, invested $650,000 including retirement funds. CoinDesk notes that Goliath Ventures operator Christopher Alexander Delgado has been arrested on federal wire fraud and money laundering charges. The scheme allegedly affected more than 2,000 investors. Jordan Shaw of Shaw Lewenz told reporters that additional complaints are expected as the team continues identifying individuals and entities they believe to be complicit.
If you were an investor in Goliath Ventures or believe you have been the victim of a cryptocurrency fraud or Ponzi scheme, contact Murphy’s Law for a free consultation to discuss your legal options.