Citibank accused of ignoring signs of $20M crypto romance scam
The victim of a $20 million crypto pig butchering scam has sued Citibank, alleging it ignored “red flags” and should have investigated suspicious activity.
Citibank has been sued by a self-claimed victim of a crypto romance scam, alleging the bank ignored red flags that allowed scammers to make off with $20 million.
In a lawsuit filed in a Manhattan federal court on Tuesday, plaintiff Michael Zidell alleged Citibank turned “a blind eye to its statutory duties and obligations” when it allowed him to deposit millions of dollars to scammers who have accounts at the bank.
Zidell said he sent $20 million to scammers through dozens of transactions across multiple banks, including nearly $4 million to accounts they held at Citibank.