Victims of $20 Million Cryptocurrency Scam Sue Two More Banks After Previously Suing an Exchange

According to Jinse Finance, Michael Zidell, who claims to be a victim of a cryptocurrency pig-butchering scam, has filed a second lawsuit after previously suing Citibank for failing to identify risk signals, this time targeting two other banks. On Tuesday, Michael Zidell filed a lawsuit in a California federal court against East West Bank and Cathay Bank, accusing both banks of “turning a blind eye to their legal obligations and responsibilities.” He alleges that he made 18 transfers totaling nearly $7 million to a scammer’s account at East West Bank, and 13 transfers totaling over $9.7 million to an account at Cathay Bank. Previously, on June 24, Zidell sued Citibank, accusing the bank of ignoring risk signals in 12 transfers involving scammer accounts, totaling approximately $4 million.