Three Asian banks are being sued after they allegedly failed to protect a customer from a $1 million crypto scam by neglecting basic Know Your Customer and Anti-Money Laundering checks.

Ken Liem, a resident of California, has filed a lawsuit against three banks, namely Hong Kong-based Fubon Bank Limited and Chong Hing Bank Limited, alongside Singapore-based DBS Bank, after crypto scammers duped him out of nearly $1 million through accounts hosted by these banks.

Pig butchering scams involve manipulating a victim by pretending to be a romantic interest or a trusted connection to gain their trust before eventually misleading them into investing in fake crypto schemes.

According to the Dec. 31 suit, Liem was tricked…