Citibank Ignored Signs Of $20M Crypto Scam, Lawsuit Claims
Citibank is facing a lawsuit from Michael Zidell, who claims the bank ignored warning signs that allowed scammers to steal $20 million from him through a crypto romance scam. Zidell alleges he was misled by a woman named "Carolyn Parker" on Facebook, who encouraged him to invest in non-fungible tokens (NFTs) via a trading platform. Over several months, Zidell made 43 transfers totaling over $20 million to various accounts, including approximately $4 million to Citibank accounts associated with Guju Inc. The lawsuit accuses Citibank of negligence for failing to monitor suspicious transactions and not investigating red flags in Guju's accounts. Romance scams reportedly cost victims over $5.5 billion last year, with significant losses attributed to crypto scams.
