Victims of a cryptocurrency scam sue Citibank, alleging it ignored warnings that led to a loss of 20 million dollars

ChainCatcher news, according to Cointelegraph, a cryptocurrency "pig butchering" victim Michael Zidell has sued Citibank in federal court in Manhattan, accusing the bank of ignoring suspicious transaction alerts, which led to him being scammed out of $20 million. The complaint shows that Zidell transferred funds to multiple bank accounts controlled by the scammers through 43 transactions, with nearly $4 million going into Citibank's Guju Inc account.

This "pig butchering" scam began in 2023, with the scammers posing as a businessman "Carolyn Parker" luring Zidell into investing in NFTs through Facebook. The complaint points out that Citibank failed to investigate the unusual large integer transfers occurring frequently, violating anti-money laundering monitoring obligations. By the time Zidell discovered that the trading platform named OpenrarityPro had suddenly shut down, the funds were unrecoverable.