Victim sues Citibank, accusing it of ignoring a $20 million NFT scam transaction.

[Chain News] PANews, June 26 - A victim of a crypto "Pig-butchering scam", Michael Zidell, has sued Citibank in federal court in Manhattan, accusing the bank of ignoring warning signs of suspicious transactions, which led to him being defrauded of $20 million. The complaint shows that Zidell made 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, with the scammer posing as a businessman "Carolyn Parker" luring Zidell to invest in NFTs via Facebook. Complaints indicate that Citibank failed to investigate the unusual large integer transfers, violating anti-money laundering monitoring obligations. By the time Zidell discovered that a trading platform named after a certain trading platform had suddenly shut down, the funds were irretrievable.