The US Securities and Exchange Commission and the Commodity Futures Trading Commission have sued Goliath Ventures, and the founder has pleaded guilty

The US Securities and Exchange Commission and the Commodity Futures Trading Commission have filed a lawsuit against Goliath Ventures and its founder Christopher Delgado, accusing them of raising $425 million through a cryptocurrency Ponzi scheme. Christopher Delgado misappropriated $51 million for luxury consumption, resulting in approximately 1600 customers losing at least $397 million. Christopher Delgado has pleaded guilty to charges of telecommunications fraud and money laundering, and has agreed to a settlement with the US Securities and Exchange Commission, permanently prohibiting him from engaging in securities trading.