JPMorgan Sued Over Alleged $328M Crypto Ponzi, $253M Processed in Accounts
Shareholders filed a class-action suit in California accusing JPMorgan Chase of aiding a $328 million crypto Ponzi, alleging it processed $253 million in investor funds and ignored red flags between January 2023 and June 2025. Plaintiffs seek damages after JPM allegedly earned fees while facilitating $50 million in fake returns.
1. Lawsuit Filed Against JPMorgan
Goliath investor Robby Alan Steele and other shareholders filed a class-action lawsuit in federal court in California, accusing JPMorgan Chase of aiding a $328 million cryptocurrency Ponzi scheme. The complaint states that between January 2023 and June 2025, $253 million was deposited into a Goliath Ventures account at JPMorgan Chase.
2. Allegations of Enabling Fraud
The suit claims JPMorgan allowed Goliath to use its banking system to collect and move hundreds of millions in investor funds, ignored large volumes of suspicious transactions, and collected substantial fees while facilitating $50 million in purported returns to investors. Attorneys argue that the bank’s inaction despite clear Ponzi red flags demonstrates knowledge and assistance.
3. Implications for JPMorgan Chase
If the court finds JPMorgan liable, the bank could face significant damages, regulatory scrutiny, and reputational damage that may erode investor trust. The lawsuit intensifies questions around the effectiveness of the bank’s anti–money-laundering controls and due diligence processes.