ChainThink reports that on March 12, according to Cointelegraph, JPMorgan Chase is facing a class-action lawsuit for allegedly providing banking infrastructure to the now-defunct crypto investment firm Goliath Ventures and ignoring suspicious transactions. Investors filed a proposed class action on Tuesday in the U.S. District Court for the Northern District of California, accusing the bank of allowing Goliath Ventures to collect investor funds through its account system. The complaint states that despite JPMorgan Chase CEO Jamie Dimon’s repeated public criticisms of Bitcoin, the bank failed to prevent wire transfers linked to crypto scams. It further alleges that JPMorgan Chase should have been aware during its “Know Your Customer” (KYC) process that Goliath was operating its crypto investment pool as a private equity fund without holding the necessary sales licenses.
On February 24, the U.S. Attorney’s Office for the Middle District of Florida announced the arrest of Christopher Delgado, CEO of Goliath Ventures, who could face up to 30 years in federal prison if all charges are proven. Prosecutors stated that the Ponzi scheme operated from January 2023 to January 2026, during which Goliath Ventures raised at least $328 million from more than 2,000 investors.