CFTC SUES GOLIATH VENTURES OVER ALLEGED $397M DEFI LIQUIDITY POOL PONZI

Summary from the TLDR Crypto newsletter

The CFTC and SEC filed simultaneous civil suits against Goliath Ventures Inc. and CEO Christopher Delgado, alleging a $397 million Ponzi scheme from November 2022 through February 2026 in which approximately 1,600 customers were told their BTC and ETH would earn 36% annual yields in DEX liquidity pools. Goliath issued fabricated account statements while directing no capital to any DeFi protocol, funneling $174 million to staff as recruiting commissions, $87 million in Ponzi payments to existing customers, and $48 million to Delgado personally for luxury real estate, vehicles, and jewelry. Delgado pleaded guilty in June to wire fraud conspiracy and money laundering charges, and a bankruptcy receiver was appointed in March. The same-day CFTC-SEC filing demonstrates both agencies asserting parallel jurisdiction over crypto fraud, with CFTC Chairman Michael Selig citing an aggressive mandate to police crypto asset markets.