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California on March 10.Related: Popular crypto billionaire reportedly surpasses Bill Gates in net worthThe suit alleged that JPMorgan Chase turned a blind eye to suspicious transactions at Goliath Ventures that allowed the now-defunct Florida-based firm to use the Wall Street banking giant's infrastructure to collect investor funds.JPMorgan, in fact, aided and abetted a $328 million crypto Ponzi scheme that defrauded over 2,000 investors, the suit further claimed.The complaint underlined that the bank's behavior was in sharp contrast to CEO Jamie Dimon's repeated criticism of cryptocurrencies such as Bitcoin (BTC).JPMorgan Chase CEO Jamie DimonMICHEL EULER/POOL/AFP via Getty Images · MICHEL EULER/POOL/AFP via Getty ImagesThe crypto Ponzi scheme operated from January 2023 through January 2026 until the U.S. authorities announced the arrest of Goliath Ventures CEO Christopher Delgado on Feb. 24.The suit also alleged that JPMorgan was the sole banking institution for Goliath from January 2023 to May or June 2025. It also claimed that the bank's partnership with Coinbase (Nasdaq: COIN), one of the largest crypto exchanges in the world, allowed Goliath’s Ponzi scheme to grow to this magnitude."Chase was not going to do anything to jeopardize this unusual, undoubtedly dangerous, but profitable partnership," it added.As per the suit, approximately $253 million was deposited into the JPMC 0305 account during January 2023-June 2025—roughly two-thirds of the $328 million collected from investors noted by the U.S. in charging Delgado.Approximately $123 million from this account was transferred to Goliath’s wallets maintained by Coinbase, the lawsuit further alleged.A Coinbase spokesperson said in a statement to TheStreet Roundtable,"Coinbase is not a party to this private lawsuit. With respect to the criminal matter referenced in the lawsuit, which also does not target Coinbase, we fully met our compliance obligations and remain steadfast in our partnership with banks and law enforcement to ensure bad actors are held accountable and the ecosystem remains secure.”The lawsuit against JPMorgan comes only days after Western Alliance sued Jefferies Financial Group over a soured $126.4 million loan tied to bankrupt auto supplier First Brands Group.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,632.19 -40.43 (-0.61%)Dow 3046,558.47 -119.38 (-0.26%)Nasdaq22,105.36 -206.62 (-0.93%)Russell 20002,480.05 -8.94 (-0.36%)VIX27.19 -0.10 (-0.37%)Gold5,023.10 -102.70 (-2.00%)Trending tickersADBE Adobe Inc. 249.32 -20.46 (-7.58%)BTC-USD Bitcoin USD 70,791.54 -753.84 (-1.05%)XYZ Block, Inc. 59.79 -0.11 (-0.18%)ULTA Ulta Beauty, Inc. 535.72 -88.98 (-14.24%)RBRK Rubrik, Inc. 53.43 -0.59 (-1.09%)PortfolioSign in to access your portfolioSign inTop gainersNP Neptune Insurance Holdings Inc. 21.87 +3.68 (+20.23%)PED PEDEVCO Corp. 18.18 +2.68 (+17.29%)VEON VEON Ltd. 50.60 +6.29 (+14.20%)KLAR Klarna Group plc 15.91 +1.29 (+8.82%)KYIV Kyivstar Group Ltd. 11.07 +0.87 (+8.53%)Top losersULTA Ulta Beauty, Inc. 535.72 -88.98 (-14.24%)MEOH Methanex Corporation 51.75 -6.31 (-10.87%)CACC Credit Acceptance Corporation 447.79 -46.21 (-9.35%)AAOI Applied Optoelectronics, Inc. 96.81 -9.38 (-8.83%)EQX Equinox Gold Corp. 14.57 -1.35 (-8.48%)Most activeNVDA NVIDIA Corporation 180.25 -2.91 (-1.59%)AAL American Airlines Group Inc. 10.30 -0.24 (-2.28%)NOK Nokia Oyj 8.24 +0.10 (+1.23%)BMNR Bitmine Immersion Technologies, Inc. 20.54 -0.01 (-0.05%)ONDS Ondas Inc. 10.16 -0.17 (-1.65%)Top economic eventsEarnings eventsMy earnings eventsEarnings events