Citibank is being sued for ignoring a $20 million crypto fraud.

Victim of cryptocurrency fraud, Michael Zidell, filed a lawsuit against Citibank in Manhattan federal court, accusing the bank of ignoring suspicious transaction alerts and stating that this led to his being defrauded of 20 million dollars. The complaint shows that Zidell sent money through 43 transfers to numerous bank accounts controlled by fraudsters, with nearly 4 million dollars transferred to Citibank's Guju Inc. account. The "pig butchering" scam began in 2023 when the fraudster posed as a businessman named "Carolyn Parker" and convinced Zidell to invest in NFTs via Facebook. The complaint stated that Citibank failed to investigate the frequent abnormal transfers of large amounts, thus violating its anti-money laundering monitoring obligations. Zidell discovered that a trading platform called OpenrarityPro had suddenly shut down, making the funds irretrievable.