ChainThink report, on March 12, according to Cointelegraph, JPMorgan is facing litigation over allegations that it provided banking infrastructure for the now-collapsed crypto investment firm Goliath Ventures and failed to monitor suspicious transactions, leading to a proposed class-action lawsuit filed by investors. On Tuesday, plaintiffs submitted the proposed class action lawsuit to the U.S. District Court for the Northern District of California, accusing the bank of enabling Goliath Ventures to collect investor funds through its account systems. The complaint alleges that despite JPMorgan CEO Jamie Dimon's repeated public criticisms of Bitcoin, the bank failed to prevent wire transfers linked to crypto fraud. The filing asserts that JPMorgan should have been aware—through proper KYC (Know Your Customer) procedures—that Goliath Ventures operated a crypto investment fund pool under the guise of private equity but lacked the requisite sales licenses.

Previously, 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. If all charges are upheld, he could face up to 30 years in federal prison. Prosecutors allege the Ponzi scheme operated from January 2023 to January 2026, during which Goliath Ventures raised at least $328 million from over 2,000 investors.