Citibank: $20M Crypto Scam Allegations
- Citibank is embroiled in a legal battle in Manhattan federal court.Michael Zidell accuses the bank of negligence for allegedly ignoring red flags in transactions linked to a $20...
- Zidell claims he transferred $20 million in 43 separate transactions.
Citibank is facing a $20M crypto scam lawsuit, accused of failing to prevent meaningful financial losses. This case centers on a “pig butchering” romance scam, critically questioning the bank’s diligence in monitoring transactions. The plaintiff alleges Citibank overlooked red flags across nearly $4 million in wire transfers, a core component of the fraud. This legal action underscores the evolving responsibilities of financial institutions in the face of increasing crypto fraud and the need for enhanced fraud checks within the banking sector, ultimately calling for a deeper look at its role. Further, News Directory 3 brings you the latest on this developing story and its potential ramifications. discover what’s next …
Citibank Faces Lawsuit Over $20M Crypto romance Scam
Citibank is embroiled in a legal battle in Manhattan federal court.Michael Zidell accuses the bank of negligence for allegedly ignoring red flags in transactions linked to a $20 million ”pig butchering” crypto romance scam.
Zidell claims he transferred $20 million in 43 separate transactions. Of that, Citibank processed nearly $4 million through 12 wire transfers to accounts held by Guju Inc. The lawsuit alleges the bank failed to investigate these large, round-numbered deposits and withdrawals, which should have triggered alarms.
The scheme reportedly began in early