Overview

• JPMorgan Chase has initiated new state court lawsuits against individuals accused of exploiting the 'infinite money glitch' for amounts under $75,000.
• The glitch, which went viral on social media in August 2024, involved depositing fraudulent checks and withdrawing funds before the checks bounced.
• The bank has sent over 1,000 repayment demand letters since October 2024, with some individuals voluntarily returning funds.
• Legal actions are separate from potential criminal cases, and JPMorgan is actively cooperating with law enforcement to hold fraudsters accountable.
• JPMorgan is also considering contesting bankruptcy filings by alleged fraudsters to prevent debts from being discharged.