Investor Don Take Citibank To Court for $20M We Dem Lost for NFT Pig Butchering Romance Scam
Michael Zidell carry lawsuit for New York on June 24, dem accuse Citibank say dem no do their work well afta he lose $20 million for one pig butchering romance NFT scam. Scammer wey dey pose as romantic interest on top Facebook and WeChat tell am make e invest for NFTs through OpenrarityPro.com. E do 43 wire transfers—near $4 million—go Citibank accounts wey dey under Guju Inc., even though di transfer money big pass wetin di company dey talk say dem make. Di lawsuit talk say Citibank ignore suspicious Ethereum movements and dem fail to do their KYC and AML work. FBI 2024 Internet Crime Report talk say pig butchering scam cause $5.8 billion loss last year, wit old Americans lose $2.8 billion for crypto scam. Dis kain case fit set new rules for banks wey dey handle cryptocurrency transfer.
Bearish
Dis lawsuit dey show say Citibank get serious AML and KYC failures for how dem dey handle NFT transactions, wey dey shake trust for big banks crypto services. For short term, traders fit see gobe for NFT markets and Ethereum as regulators dey increase their eye put. For long term, higher compliance costs and stricter supervision fit make institutional people kuku fear to enter crypto, wey fit slow market growth and affect wetin people feel about am.