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A group of investors has filed a class-action lawsuit against the American bank JPMorgan, alleging its involvement in facilitating cryptocurrency fraud amounting to $328 million. The investors incurred losses from investments in the now-defunct company Goliath Ventures.
The complaint has been submitted to the Northern District Court of California. The lawsuit claims that JPMorgan overlooked suspicious transactions, enabling the transfer of investor funds to accounts belonging to Goliath Ventures’ founder, Christopher Delgado. The plaintiffs assert that despite repeated criticism of Bitcoin by JPMorgan’s CEO Jamie Dimon, the bank did not obstruct the wire transfers associated with the fraudsters.
“JPMorgan Chase, under its ‘Know Your Customer’ policy, was aware that Goliath Ventures operated as a cryptocurrency pool for investments modeled after private equity, without possessing a license to offer such investment products,” the lawsuit states.
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The affected parties contend that from January 2023 to May-June 2025, JPMorgan was the sole bank servicing Goliath Ventures’ accounts. The firm raised at least $328 million from over 2,000 investors. During this period, approximately $253 million flowed into the bank—nearly two-thirds of the aforementioned $328 million. Of this amount, around $123 million was transferred to Goliath’s addresses on the American cryptocurrency exchange Coinbase. A separate lawsuit against Goliath Ventures, filed by U.S. authorities, indicates that the founder of the crypto scheme also maintained business accounts at Bank of America.
In February, the Florida prosecutor’s office announced the arrest of Christopher Delgado, who is charged with fraud and money laundering involving cryptocurrencies. According to law enforcement, Goliath Ventures, also known as Gen-Z Venture Firm, operated from January 2023 until January 2026. Delgado misappropriated the funds raised not for crypto investments as promised to clients, but for travel, real estate purchases, and personal expenses. If convicted on all counts, he faces a maximum sentence of 30 years in federal prison.
Last week, investors filed a lawsuit against the law firm Alston&Bird, claiming it provided an inaccurate assessment regarding Goliath Ventures, which allowed Delgado to raise funds without regulatory oversight.
