ChainCatcher report: According to market sources, a group of investors has filed a class-action lawsuit against JPMorgan Chase, accusing it of facilitating a $328 million cryptocurrency Ponzi scheme operated by Goliath Ventures. The lawsuit alleges that JPMorgan Chase served as Goliath’s primary bank and failed to intervene despite suspicious transactions, allowing funds to be transferred through its accounts and Coinbase wallets. Plaintiffs argue that JPMorgan Chase’s partnership with Coinbase led it to lower its vigilance regarding Goliath’s transactions, and that Goliath’s status as a profitable client caused the bank to overlook its questionable activities. Approximately $123 million was transferred from JPMorgan Chase accounts to Coinbase, with the Goliath CEO controlling the funds through his personal Coinbase account; in reality, only $1 million was invested into liquidity pools, while false return rates were published on the company’s website. In February, the former CEO of Goliath Ventures was arrested for allegedly orchestrating the $328 million cryptocurrency Ponzi scheme.
JPMorgan Faces Class Action Lawsuit Over Alleged Role in $328 Million Goliath Ventures Crypto Ponzi Scheme
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Summary
JPMorgan is now facing a class action lawsuit over its alleged involvement in a $328 million crypto Ponzi scheme operated by Goliath Ventures. Investors claim the bank failed in its CFT duties, permitting $123 million to flow through JPMorgan accounts and Coinbase wallets. Goliath’s CEO reportedly used a personal Coinbase account to control the funds, posting fake returns while depositing only $1 million into liquidity pools. The case raises new questions about CFT oversight and the risks associated with inadequate monitoring of liquidity and crypto markets. Goliath’s former CEO was arrested in February.
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