JPMorgan Chase Bank is facing a class action lawsuit for allegedly facilitating a cryptocurrency Ponzi scheme that defrauded investors of $328 million. The suit, filed by a California investor, claims the scheme, operated by Goliath Ventures, collected funds through Chase accounts and paid earlier investors with new deposits.
Approximately $253 million flowed through a key Chase account between 2023 and 2025. The complaint alleges that minimal funds were invested in cryptocurrency, with significant amounts diverted to the scheme's operator or paid out as fake returns. The lawsuit contends that Chase failed to detect the suspicious activity despite anti-money-laundering regulations and transaction monitoring systems.
Goliath Ventures, formerly Gen-Z Venture Firm, promoted investment opportunities with guaranteed monthly returns. Concerns arose in late 2025 when payout structures were flagged as resembling a Ponzi scheme. The scheme collapsed in early 2026, leading to stalled withdrawals and the arrest of the alleged operator on federal fraud charges.