Goliath Ventures, an Orlando, Florida-based crypto firm, filed for Chapter 11 bankruptcy, Bondoro reported on March 16.
The company, tied to an alleged $328 million Ponzi scheme, filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of Florida.
Chapter 11 bankruptcy is a court-supervised restructuring process that allows crypto firms to stabilize operations, pause client withdrawals, and repay creditors rather than immediately liquidating assets.
Goliath accused of running Ponzi scheme
It was on Feb. 24 that Goliath Ventures, formerly Gen-Z Venture Firm, founder and CEO Christopher Delgado got arrested on charges of wire fraud and money laundering. If convicted on all counts, Delgado faces a maximum penalty of 30 years in federal prison.
Authorities accused him of operating Goliath as a Ponzi scheme during January 2023-January 2026 by getting victims to investsubstantial amounts of money under false and fraudulent promises of monthly returns from crypto liquidity pools.
Read more: coinmarketcap.com
Source: CRYPTO WORLD NETWORK NEWS
