Citibank Ignored Signs Of $20M Crypto Scam, Lawsuit Claims
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.
The complaint said the transactions were part of an elaborate romance scam, commonly called pig butchering, where scammers use a fake persona to build a romantic…
