JPMorgan Chase faces a class-action lawsuit in California alleging the bank knowingly facilitated a $328 million cryptocurrency Ponzi scheme operated by Goliath Ventures, according to court documents reviewed by The Block.
The complaint asserts that Chase accounts served as an "exclusive instrument" for misappropriating investor funds. According to the filing, approximately $253 million was deposited into JPMorgan accounts during the scheme's operation, with $123 million subsequently transferred to Goliath-controlled cryptocurrency wallets stored on Coinbase. The lawsuit suggests the bank's systems and compliance protocols failed to detect or prevent the flow of illicit funds despite the scale and pattern of transactions.
The case represents another institutional liability claim tied to crypto fraud and raises questions about banking sector oversight of cryptocurrency-related accounts. JPMorgan Chase, the largest U.S. bank by assets, has faced multiple regulatory scrutiny incidents related to cryptocurrency client relationships in recent years. The bank has not publicly commented on the allegations.