TechFlow, June 26 — According to Cointelegraph, a victim of a cryptocurrency scam, Michael Zidell, has filed a lawsuit against Citibank, accusing the bank of failing to identify and warn about red flags, which enabled scammers to successfully carry out a $20 million fraud.
Zidell said he met someone claiming to be Carolyn Parker on Facebook in early 2023, who then lured him into investing in NFTs and directed him to transfer funds to multiple bank accounts. Around $4 million of these transfers went into accounts at Citibank. The lawsuit alleges that Citibank failed to implement adequate security measures and neglected to monitor suspicious transactions, especially large round-dollar transfers in and out.
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