CFTC enforcement against Goliath Ventures and Kalshi

Overview

The U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have filed civil lawsuits against Florida-based Goliath Ventures Inc. and its CEO, Christopher Delgado, for allegedly orchestrating a cryptocurrency Ponzi scheme.

Regulators claim the firm raised between $397 million and $425 million from approximately 1,300 to 1,600 investors by promising monthly returns of 3% to 10% through purported Bitcoin and Ether liquidity pools. The SEC alleges that no funds were actually invested; instead, money was used to pay fictitious profits to earlier investors and to finance Delgado’s personal lifestyle, including luxury vehicles, real estate, and travel. Delgado has already pleaded guilty to federal criminal charges, including conspiracy to commit wire fraud and money laundering, admitting to causing at least $250 million in investor losses. His criminal sentencing is scheduled for October 21. The civil actions seek restitution, disgorgement, civil penalties, and permanent trading bans.

Separately, the CFTC has invoked emergency authority to protect the prediction market KalshiEX, LLC from a lawsuit filed by the New York Attorney General. The state seeks over $36 billion in damages, alleging Kalshi operates an unlicensed gambling business. The CFTC maintains it has exclusive jurisdiction over these interstate financial markets under the Commodity Exchange Act, arguing that federal oversight is necessary to prevent exchanges from being subject to a ‘patchwork of state gaming laws.’

Entities

Christopher Delgado · Commodity Futures Trading Commission · Middle District of Florida · KalshiEX, LLC · Letitia James

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 12 SOURCES] New York alleges Kalshi operates an illegal, unlicensed gambling business through sports, culture, and election contracts. bitnewsbot.com · bitcoinethereumnews.com · cryptonews.com.au · fxnewsgroup.com · www.blocktempo.com · +7 more
[● 12 SOURCES] The CFTC invoked its emergency authority to order Kalshi to continue operating. bitnewsbot.com · bitcoinethereumnews.com · cryptonews.com.au · fxnewsgroup.com · www.blocktempo.com · +7 more
[● 12 SOURCES] New York filed its lawsuit against Kalshi on July 31. bitnewsbot.com · bitcoinethereumnews.com · cryptonews.com.au · fxnewsgroup.com · www.blocktempo.com · +7 more
[● 11 SOURCES] New York is seeking at least $36 billion in compensatory damages, restitution, and penalties. bitnewsbot.com · bitcoinethereumnews.com · cryptonews.com.au · fxnewsgroup.com · www.blocktempo.com · +6 more
[● 8 SOURCES] CFTC Chair Michael Selig argued that the Commodity Exchange Act requires a uniform national derivatives market and that Congress did not intend for such markets to be subject to a patchwork of state-s bitnewsbot.com · bitcoinethereumnews.com · cryptonews.com.au · fxnewsgroup.com · www.blocktempo.com · +3 more
[● 7 SOURCES] The CFTC stated that New York’s enforcement action and request for a temporary restraining order constituted a market emergency. bitnewsbot.com · bitcoinethereumnews.com · cryptonews.com.au · fxnewsgroup.com · cointelegraph.com · +2 more

Timeline

1 day ago

[BUSINESS] 15 sources
CFTC orders Kalshi to continue operating amid New York gambling lawsuit
The CFTC has used emergency powers to order Kalshi to continue operating, countering a New York lawsuit that seeks $36 billion and alleges the prediction market is an illegal gambling operation.
1 day ago

[BUSINESS] 9 sources
Goliath Ventures and CEO face lawsuits over $400M crypto Ponzi scheme
The SEC and CFTC have sued Goliath Ventures and founder Christopher Delgado over an alleged $400M+ crypto Ponzi scheme that used investor funds for personal luxuries instead of promised crypto trading.

Sources

abmedia.io · belgiannature.be · bitcoinethereumnews.com · bitcoinmagazine.com · blocktempo.com · coinedition.com · coinpaper.com · cointelegraph.com · crypto-times.jp · crypto.news · cryptobreaking.com · cryptonews.com.au · cryptonomist.ch · decrypt.co · fantasyhr.com · fxnewsgroup.com · gizmodo.it · merca2.es · news.bitcoin.com · noticiasdemalaga.es · spacemoney.com.br · world-today-news.com

This summary has been updated 2 times: see revision history