Encryption eyewash victims sue Citibank, accusing it of ignoring warnings that led to a loss of 20 million dollars.

CoinVoice has recently learned that, according to Cointelegraph, a crypto assets "Pig-butchering scam" victim, Michael Zidell, has filed a lawsuit against Citibank in Manhattan federal court, accusing the bank of ignoring warnings about suspicious transactions, which led to him being defrauded of $20 million. The complaint shows that Zidell made payments through 43 transfers to multiple bank accounts controlled by the scammers, with nearly $4 million transferred to Citibank's Guju Inc account.

The "Pig-butchering scams" began in 2023, where the scammer disguised as a merchant "Carolyn Parker" lured Zidell into investing in NFTs through Facebook. Complaints indicate that Citibank failed to investigate the unusual transfers of large amounts of integers that occurred frequently, violating anti-money laundering monitoring obligations. When Zidell discovered that the trading platform named OpenrarityPro suddenly shut down, the funds could no longer be recovered.