A man sues Citibank for allowing a $20 million encryption eyewash, alleging it failed to stop a $4 million suspicious transfer.

[Coin World] A man in the United States has sued Citibank, accusing it of failing to stop a $20 million encryption “Pig-butchering scams”. The plaintiff claims he met a fraudulent identity scammer through social media and was deceived after investing in an NFT platform. Citibank is accused of processing 12 transactions totaling approximately $4 million in suspicious transfers without identifying risk signals. The lawsuit alleges that the bank was grossly negligent in monitoring and reviewing. The case has now been filed in the federal court in Manhattan, New York.