In the fast-paced world of finance and cryptocurrency, few institutions draw as much ire—or attention—as JPMorgan Chase. On November 24, 2025, the banking giant found itself at the center of a social media storm, trending across platforms like X (formerly Twitter) due to escalating tensions with the crypto community. What started as a targeted account closure has snowballed into widespread calls for boycotts, accusations of market manipulation, and renewed scrutiny over the bank’s historical ties to controversial figures. Here’s a breakdown of the key events driving the buzz.
The Spark: Debanking Strike CEO Jack Mallers
The controversy ignited with reports that JPMorgan Chase closed the personal bank accounts of Jack Mallers, CEO of the Bitcoin payments firm Strike. Mallers, a prominent figure in the crypto space, revealed that the bank cited “concerning activity” without providing specifics, despite his father’s 30-year relationship as a private client. This move has been labeled as “debanking”—a term used to describe banks severing ties with customers involved in politically or ideologically sensitive industries, particularly cryptocurrency.
Eleanor Terrett, a journalist at Crypto America, highlighted the irony: “A crypto CEO being debanked as the admin has vowed to crack down on orchestrators of OCP 2.0 is pretty wild.” Operation Chokepoint 2.0 refers to alleged government and banking efforts to restrict financial services to crypto firms, a policy critics say stifles innovation.
U.S. Senator Cynthia Lummis amplified the issue, stating on X: “Operation Chokepoint 2.0 regrettably lives on. Policies like JP Morgan’s undermine confidence in traditional banks and send the digital asset industry overseas.” Lummis argued that such actions could make America lose its edge in digital assets, pushing companies abroad.
Escalating to Boycotts and Market Manipulation Allegations
The debanking incident quickly fueled broader outrage. Crypto influencers and Bitcoin enthusiasts, including Max Keiser and supporters of MicroStrategy ($MSTR), accused JPMorgan of waging war on Bitcoin. Keiser claimed that if $MSTR surges 50%, it could “potentially bankrupt JPMorgan,” citing the bank’s alleged naked short positions on the stock. MicroStrategy, led by Michael Saylor, has built a massive Bitcoin treasury, making it a proxy for BTC exposure—and a target for shorts.
Teddy Bitcoins, a vocal X user, posted: “JP Morgan has a history of illegally naked shorting but you think they aren’t doing it against $MSTR and @saylor now? If $MSTR goes above $280 this week, JP Morgan blows up.” Rumors circulated of over 500,000 account closure requests in response to these perceived attacks.
High-profile figures like real estate mogul Grant Cardone joined the fray, urging followers to “discontinue any relationships with them and short the fuck out of their stock.” The hashtag #MakeJPMorganFailAgain gained traction, with users linking the bank’s actions to its past fines for naked shorting in South Korea and broader anti-crypto stance.
Adding fuel to the fire, accusations surfaced that JPMorgan “manufactured” a crypto market dip on October 10 by recirculating an old MSCI document warning of MicroStrategy’s potential index delisting. This allegedly aimed to liquidate leveraged positions and profit from shorts on $MSTR and Bitcoin.
Ties to Epstein and Data Leaks: Old Wounds Reopened
The trending discussion hasn’t been limited to crypto. Users resurfaced JPMorgan’s infamous connections to Jeffrey Epstein, noting the bank’s role as his financier despite red flags. One post quipped: “Boycott @jpmorgan and @Chase” in reference to the Epstein scandal and the recent debanking. A data leak earlier in the year further eroded trust, exposing customer information and amplifying privacy concerns.
As one X user put it: “More people are turning their back on JPMorgan after the hit on Strategy, the pressure on Bitcoin users, and the latest data leak. Once trust cracks, no logo or legacy can patch it.” This sentiment echoes broader frustrations with traditional banking’s perceived overreach.
Broader Context: Crypto’s Clash with Traditional Finance
While JPMorgan has made strides in blockchain—tokenizing assets and partnering with firms like BlackRock—the bank’s CEO Jamie Dimon has long been a vocal Bitcoin skeptic, once calling it a “fraud.” Recent moves, including opposition to crypto, have clashed with the industry’s growth, especially amid Bitcoin’s surge and ETF approvals.
Polymarket noted: “JUST IN: JPMorgan has debanked the accounts of the CEO of the Strike crypto exchange.” Media outlets like The Block and Economic Times reported on the boycott calls, framing it as a pivotal moment for crypto’s pushback against legacy finance.
What Happens Next?
As of November 24, 2025, JPMorgan’s stock remains under watch, with investors eyeing potential short squeezes on $MSTR. The boycott’s real impact is unclear—JPMorgan is a behemoth with over $3 trillion in assets—but the social media frenzy underscores crypto’s growing influence. If history is any guide, this could prompt regulatory scrutiny or force banks to rethink their crypto strategies.
For now, the trending topic serves as a reminder: in the digital age, trust is fragile, and one bank’s decision can spark a global conversation. Whether this leads to meaningful change or fades into the noise remains to be seen.