Cryptocurrency company Goliath Ventures files for bankruptcy protection, implicated in a $328 million Ponzi scheme.

PANews reported on March 28 that, according to The Street, crypto company Goliath Ventures has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Florida. This procedure allows companies to reorganize under court supervision, suspend customer withdrawals, and repay creditors, rather than through outright liquidation. This bankruptcy filing is closely related to the arrest of the company's founder and CEO, Christopher Delgado, who was indicted on February 24 on charges of wire fraud and money laundering. If convicted, he could face up to 30 years in federal prison.

Law enforcement agencies allege that Delgado operated a Ponzi scheme between January 2023 and January 2026, enticing investors with promises of high monthly returns on crypto liquidity pools. The funds were then used to pay returns and principal to early investors and to support lavish company events and high-end travel expenses. The investigation also revealed that Delgado personally used these funds to purchase four residences, valued between approximately $1.15 million and $8.5 million. The scam affected over 2,000 investors, with some victims losing millions of dollars.

Previously, it was reported that JPMorgan Chase was facing a class-action lawsuit, accused of aiding and abetting Goliath Ventures' cryptocurrency Ponzi scheme .