CFTC Sues Goliath Ventures Over $397 Million Crypto Ponzi Scheme

The US Commodity Futures Trading Commission (CFTC) has filed a complaint against Goliath Ventures Inc. and its CEO, Christopher Delgado, for allegedly running a $397 million crypto Ponzi scheme.

About 1,600 customers contributed at least $397 million to the operation, according to the CFTC, which claims that customer funds were misappropriated for fictitious profits and personal expenses.

The regulator alleges that Goliath Ventures and Delgado solicited funds from the public by claiming they would be used for crypto trading, but instead used them for payments described as profits to existing customers or Delgado's personal expenses.