Cryptocurrency company Goliath Ventures files for bankruptcy protection, implicated in a $328 million Ponzi scheme.

CoinFeed reported on March 28 that, according to The Street, crypto company Goliath Ventures has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Florida. This procedure allows companies to reorganize under court supervision, suspend customer withdrawals, and repay creditors, rather than through outright liquidation. This bankruptcy filing is closely related to the arrest of the company's founder and CEO, Christopher Delgado, who was indicted on February 24 on charges of wire fraud and money laundering. If convicted, he could face up to 30 years in federal prison.