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in Crypto Investment Scams
cointelegraph.com
The US Secret Service has seized nearly $400 million in cryptocurrency over the past decade through investigations into digital asset scams, with analysts using blockchain analysis and VPN tracking to identify fraudsters operating romance-investment schemes and sextortion plots. In 2024, Americans reported $9.3 billion stolen in crypto fraud—more than half of all internet crime losses—with the agency training officials in over 60 countries to combat these crimes, which often involve scammers posing as attractive individuals to lure victims into fake investment platforms that disappear with deposits.
ainvest.com
The US Secret Service has seized nearly $400 million in digital assets over the past decade by tracking cryptocurrency fraud schemes, with crypto scams now representing the top driver of US internet crime losses at $9.3 billion stolen in 2024. Common schemes include fake investment platforms that show initial profits before disappearing with deposits, romance-investment scams, and sextortion cases, with the agency using blockchain analysis and open-source tools to identify perpetrators across multiple jurisdictions. The Secret Service has trained law enforcement in over 60 countries and coordinated with crypto exchanges like Tether to freeze wallets and recover stolen assets, including a notable $225 million recovery linked to romance scams.
onesafe.io
In 2024, Americans lost $9.3 billion to crypto-related scams, prompting the US Secret Service to seize nearly $400 million in cryptocurrency through their Global Investigative Operations Center using blockchain analysis techniques. The article highlights the rising threat of crypto fraud—including romance scams and fake investment platforms—and recommends that companies implement advanced fraud detection, strengthened identity verification, and real-time transaction monitoring to protect digital assets. The Secret Service has also trained officials from over 60 countries on combating online financial crimes as part of a broader international effort to combat crypto fraud.
golocalprov.com
A Boston truck repair company, Middlesex Truck and Coach, discovered that Chase Bank had fraudulently opened an account under its name without identification verification, which was then used by foreign scammers to collect proceeds from victims of "pig-butchering" schemes—elaborate investment scams that defraud victims of hundreds of thousands of dollars. The account was part of a sophisticated international money laundering operation linked to Asian crime syndicates that funnel stolen U.S. funds through fake bank accounts and cryptocurrency, with pig-butchering scams alone generating an estimated $44 billion annually across Southeast Asia and affecting millions of victims worldwide.
straitstimes.com
The U.S. Secret Service's Global Investigative Operations Center (GIOC) has seized nearly $400 million in digital assets over the past decade by investigating cryptocurrency investment scams and related digital crimes. The team uses open-source tools and blockchain analysis to trace fraudulent activities across borders, such as fake investment platforms that lure victims with small initial profits before disappearing with their money, as well as extortion schemes involving cryptocurrency payments. The Secret Service has expanded its efforts globally, conducting training workshops in over 60 countries to help local law enforcement and prosecutors identify and combat digital financial crimes.
ainvest.com
Michael Zidell filed lawsuits against East West Bank and Cathay Bank in California federal court, alleging the institutions failed to prevent fraudulent wire transfers totaling approximately $16.7 million that he sent to scammers' accounts after being deceived by a romance scam involving a fake NFT investment scheme. Zidell, who met a woman claiming to be "Carolyn Parker" on Facebook in early 2023, was instructed to make multiple transfers across the banks before the fraudulent trading platform disappeared in April 2023, and he seeks compensatory damages for the banks' alleged failure to monitor suspicious transaction patterns.
ainvest.com
The U.S. Secret Service is coordinating with law enforcement across 60+ countries to combat cryptocurrency scams, which have become the leading cause of online fraud losses in America. In 2024, older adults lost $2.8 billion to crypto scams involving fake investment websites that use attractive photos and show small profits to build trust before disappearing with victims' money. Over the past decade, the GIOC has successfully seized nearly $400 million in digital assets through tracing domain names, crypto wallets, and IP addresses, with training programs helping other nations strengthen their enforcement efforts.
ainvest.com
Michael Zidell lost $20 million in a "pig butchering" romance scam that began in January 2023 when a fraudster posing as a businesswoman named Carolyn Parker on Facebook convinced him to invest in a fake NFT website over months of WeChat communications. Zidell has filed lawsuits against East West Bank, Cathay Bank, and Citibank, alleging the financial institutions failed to detect and prevent suspicious transactions totaling $7 million, $9.7 million, and $4 million respectively, despite the transfers being unusually large and violating anti-money laundering compliance requirements. The lawsuits seek compensatory damages and suggest potential
tradingview.com
A malicious GitHub project called "solana-pumpfun-bot" deceived users into downloading what appeared to be a legitimate Solana trading bot, but actually contained hidden malicious code that scanned victims' systems and stole their private cryptocurrency keys. The attacker used fake GitHub accounts to artificially boost the project's credibility through stars and forks, making it appear trustworthy despite being uploaded only three weeks prior. Security researchers advise users to avoid running cryptocurrency tools that access wallets on their main systems and to test such projects only in isolated, sandboxed environments.
ainvest.com
The U.S. Secret Service has seized $225 million in cryptocurrency in a recent operation targeting romance and investment scams, bringing the total recovered over the past decade to $400 million. Scammers typically lure victims through fake cryptocurrency investment websites that show false profits to build trust before disappearing with deposited funds, sometimes targeting vulnerable individuals like teenagers for sextortion schemes. The Secret Service's Global Investigative Operations Center works with over 60 countries to trace fraudulent assets and dismantle international scam networks, demonstrating the effectiveness of coordinated law enforcement in combating digital fraud.
ainvest.com
The U.S. Department of Justice, with assistance from Tether, recovered $40,300 in cryptocurrency from a scam impersonating the Trump inauguration committee, in which victims were deceived by spoofed email addresses with subtle character differences into sending crypto donations they believed were legitimate political contributions. The scammers used phishing messages sent on December 24, 2024, to trick victims into depositing funds into fraudulent wallets, which were then laundered through multiple addresses within hours. Law enforcement officials warn that such impersonation scams cost Americans billions annually and recommend victims verify email addresses, URLs, and official channels before sending any cryptocurrency or assets.
livebitcoinnews.com
Michael Zidell lost $20 million in a pig butchering scam that began in January 2023 when a scammer impersonating businesswoman "Carolyn Parker" contacted him on Facebook and convinced him to invest in a fake NFT website over several months. Zidell has sued East West Bank, Cathay Bank, and Citibank for negligence, alleging the banks failed to detect or flag suspicious wire transfers totaling $20 million across multiple accounts and violated anti-money laundering regulations, with the lawsuits also alleging elder abuse under California law.
cointelegraph.com
Michael Zidell filed lawsuits against East West Bank and Cathay Bank, claiming they failed to detect and prevent a crypto romance scam that defrauded him of approximately $16.7 million across 31 transfers to accounts at these institutions. Zidell was targeted by a Facebook romance scammer posing as "Carolyn Parker" who convinced him to invest in a fraudulent NFT trading platform that disappeared in April 2023; he is also suing Citibank for $4 million in similar transfers. The lawsuits allege the banks were negligent in monitoring suspicious transactions, aided and abetted securities fraud, and aided elder abuse by failing to
ainvest.com
Michael Zidell lost approximately $20 million in a romance scam (classified as "pig butchering") in which a scammer posing as a woman named Carolyn Parker built trust with him on Facebook and WeChat before directing him to invest in a fake NFT platform called OpenrarityPro.com. Zidell has filed lawsuits against Citibank, East West Bank, and Cathay Bank, alleging the institutions negligently failed to detect red flags such as account discrepancies, suspicious wire transfer volumes, and transfers that exceeded stated transaction limits, thereby materially aiding the scheme. The case seeks to establish bank accountability for facilitating investment fraud and highlights
ainvest.com
Michael Zidell lost over $20 million in a romance scam between early 2023 and April 2023 after being targeted on Facebook by a woman posing as a successful NFT investor who convinced him to transfer funds through a fake trading platform. Zidell has filed lawsuits against three U.S. banks (Citibank, East West Bank, and Cathay Bank), alleging they failed to detect red flags in his 43 transfers totaling $20+ million and negligently enabled the fraud through poor compliance oversight and failure to protect against elder financial exploitation.
welivesecurity.com
Employment and recruitment scams cost victims over $264 million in 2024, with "task scams" being a particularly prevalent variant where victims are tricked into paying deposits via cryptocurrency to unlock fake earnings. Task scams use gamification techniques—promising easy money for simple online tasks like clicking buttons—then pressure victims to "level up" their accounts by paying money that disappears permanently. The FBI and FTC report significant growth in these scams, driven by factors including remote work normalization, AI-generated convincing websites, breached personal data, and poor economic conditions making people vulnerable to job opportunities.
kgun9.com
Scam calls are increasing in Marana, Arizona, with fraudsters impersonating law enforcement and demanding payment for missed jury duty or arrest warrants, often requesting bitcoin, gift cards, or wire transfers. Americans lose over $25 billion annually to phone scams, and victims should hang up and verify by calling law enforcement directly, never pay money to police over the phone, and report fraud to their financial institution, law enforcement, the FTC, and monitor their credit if compromised.
newschannel6now.com
Experts warn that seniors and residents of rural communities are increasingly targeted by scams, including cryptocurrency investment schemes and door-to-door contractor fraud, with investment scams averaging $4,000 in losses per victim. Red flags include unsolicited investment offers from unknown individuals and scammers exploiting loneliness through friendship-building tactics before pitching schemes. The Better Business Bureau recommends verifying the legitimacy of contacts and reaching out to the BBB if you suspect involvement in a scam.
ainvest.com
Michael Zidell sued East West Bank and Cathay Bank for allegedly failing to detect and prevent fraudulent transfers totaling approximately $17 million that he lost in a sophisticated crypto romance scam involving an NFT investment platform. The scam began when Zidell was contacted via Facebook by someone posing as "Carolyn Parker," who cultivated a romantic relationship before directing him to transfer funds through multiple bank accounts; the platform disappeared in April 2023, leaving Zidell with losses exceeding $20 million. Zidell's lawsuits allege the banks ignored red flags including unusually large and repetitive transactions and violated elder abuse protections, marking a significant case regarding financial institutions'
cryptorank.io
WhiteRock founder Ildar Ilham was arrested by UAE law enforcement for his alleged involvement in the ZKasino exit scam that defrauded investors of $30 million in presale funds for a purportedly decentralized gambling platform. Ilham will be extradited to the Netherlands to face criminal charges, and investigators found evidence linking him to the WhiteRock cryptocurrency project through suspicious fund transfers and transactions commingling ZKasino stolen funds. The arrest follows the earlier apprehension of co-conspirator Elham Nourzai in April 2024, and concerns remain that WhiteRock itself may be another fraudulent project given its anonymous team
kashmirreader.com
The Cyber Cell of District Police Kupwara successfully solved multiple online financial fraud cases and recovered Rs 11,06,555.82 from victims including civilians, government employees, and defense personnel who fell prey to job scams, fake investment schemes, fraudulent KYC requests, and impersonation fraud. Police recovered funds through digital evidence collection, coordination with financial institutions, and advanced cyber tactics, and are warning the public to avoid common online threats including digital arrest scams, fake trading platforms, malicious loan apps, and fraudulent calls impersonating telecom companies.
justice.gov
U.S. Attorney Jeanine Ferris Pirro announced a civil complaint against cryptocurrency stolen through a Business Email Compromise scheme in which a scammer impersonating Trump-Vance Inaugural Committee Co-Chair Steve Witkoff defrauded a donor of $250,300 in cryptocurrency on December 26, 2024. The scammer, located in Nigeria, used a fraudulent email address with a lowercase "L" substituted for an uppercase "I" to appear legitimate, and laundered the funds through multiple wallets before the FBI recovered $40,300 through blockchain analysis. Law enforcement urges donors to carefully verify email addresses and website URLs before sending cryptocurrency,
kzyx.org
**Government Impersonation Scam Alert - Mendocino County**
The Mendocino County Sheriff's Office issued a public alert on July 3, 2025, regarding a surge in fraudulent phone calls and emails targeting senior citizens, in which scammers falsely claim victims have missed court summonses or have arrest warrants issued against them and demand personal information or money. Most reported victims recognized the fraud and did not comply, but authorities urge the public to verify any legal concerns independently through official government contact information and to recognize that legitimate agencies never demand payment via phone for warrants or fines.
koreajoongangdaily.joins.com
A man in his 50s lost over $73,500 in a romance scam after meeting a woman on a dating app who convinced him to invest in an unregistered cryptocurrency exchange. Over 46 days, the scammer built emotional trust, had him make multiple investments starting with small amounts that appeared profitable, then disappeared after demanding additional "tax" payments when he refused to send more money. Financial authorities warned that romance scams are particularly effective because victims struggle to refuse requests from people they believe are romantic partners, and urged the public to verify the legal status of any crypto exchanges through proper channels.
cointelegraph.com
In Q2, cryptocurrency users experienced a rise in sophisticated "psychologically manipulative" scams that shifted from technical hacking to social engineering tactics, according to blockchain security firm SlowMist. Attack methods included malicious browser extensions disguised as security plugins (like "Osiris"), tampered hardware wallets sold via fake lottery offers or social media, and phishing websites cloning legitimate services—with one victim losing $6.5 million from a compromised cold wallet purchased on TikTok. These attacks exploit user anxiety and urgency rather than advanced technical exploits, manipulating victims into revealing sensitive information like private keys and seed phrases.
m.soundcloud.com
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the420.in
INTERPOL issued a warning that organized scam centres have rapidly expanded globally from traditional Southeast Asian bases into Africa, Latin America, and beyond, with criminal groups trafficking thousands of people across borders under false job promises and forcing them to conduct online scams (romance, cryptocurrency, and sextortion schemes) from guarded compounds. Recent enforcement operations including Operation Storm Makers II and Operation Serengeti resulted in over 1,000 arrests and identified nearly 35,000 trafficking and cyber fraud victims, though these criminal networks continue generating billions annually through sophisticated use of AI, cryptocurrency, and other advanced tools. INTERPOL called for increased international cooperation, stronger border controls, public awareness campaigns, and closer coordination between financial
dailyhodl.com
A Texas man filed a lawsuit against Citibank alleging the bank enabled a $20 million pig butchering scam in which he was defrauded between early 2023 and April 2023. The victim was contacted via Facebook by a scammer posing as a California businesswoman who convinced him to send 43 wire transfers totaling $20 million to fraudulent NFT investment accounts, with $4 million going through a Citibank account for Guju, Inc. The plaintiff argues Citibank failed to exercise due diligence, as the account's actual transaction activity (exceeding $12 million in two weeks) drastically contra
dallasobserver.com
"Pig butchering" cryptocurrency scams—where fraudsters gradually build trust with victims before stealing their money—are rapidly growing across North Texas, with victims losing between $500,000 to $3 million each. Financial counselor Steve Benton has investigated a dozen cases involving seniors who were lured through fake social media profiles and fake crypto apps that displayed false investment gains, with global scammers stealing nearly $64 billion through these schemes in 2023 alone. The scams are difficult to prosecute because funds are moved through unregulated cryptocurrency channels, and many perpetrators operate from labor-trafficking compounds in Southeast Asia where workers are forced to target victims.
states.aarp.org
Cybersecurity expert Fuad Hamidli is educating New Jersey residents about how scammers manipulate victims by exploiting emotions, impersonating authority figures, and increasingly using AI technology to create fake voices and videos. In 2024, New Jersey consumers reported $321 million in fraud losses, though actual losses are believed to be significantly higher due to underreporting, and scammers employ sophisticated global operations with extensive training in emotional manipulation and behavioral targeting.
vietnamnews.vn
Vietnamese authorities issued a nationwide alert about a surge in sophisticated online scams, with cybercriminals using methods including fake government/police impersonation, fake investment platforms, romance scams, and phishing schemes. Police dismantled several major fraud networks, most notably a transnational ring operating in Myanmar and the Philippines that defrauded Vietnamese victims of over $76.58 million, resulting in nearly 100 arrests. The Ministry of Public Security is responding by updating laws, sending over 500 million warning SMS messages, and partnering with tech companies to combat the growing cybercrime threat.
thehackernews.com
Law enforcement in Spain, Estonia, France, and the United States dismantled a cryptocurrency investment fraud ring in Operation Borrelli that defrauded over 5,000 victims of €460 million ($540 million) globally, with five suspects arrested in June 2025. The scheme used romance baiting tactics to build trust with victims before directing them to fake crypto platforms, then laundered funds through Hong Kong-based banking networks and multiple international payment gateways. The operation highlights the growing sophistication of transnational cyber fraud, increasingly augmented by artificial intelligence, which authorities warn is outpacing legal systems designed to combat it.
fisherinvestments.com
Scammers are employing updated tactics during summer to defraud investors and steal personal information through two primary schemes: a modernized "pump and dump" stock manipulation where fraudsters pose as financial advisers on social media to recruit victims into buying penny stocks (particularly U.S.-listed Chinese companies) before artificially inflating and dumping them; and Social Security fraud involving false benefit applications. The article advises investors to avoid unrealistic get-rich-quick opportunities, base stock decisions on fundamental company analysis rather than tips or hot tips from unverified sources, and ignore unsolicited financial pitches from strangers on social media and messaging apps.
techradar.com
Nvidia GPU scams are increasing in sophistication, with reported incidents including buyers receiving bags of rice, old GPUs, empty shells, or printed photos instead of high-end graphics cards like the RTX 5090, while some sellers have lost thousands (one seller lost approximately $1,900) through fake banking app transfers. To stay safe, consumers should purchase from trusted sellers on established platforms like Amazon, verify return policies, avoid suspiciously cheap listings, and exercise caution when buying second-hand GPUs through local groups or marketplaces.
region.com.au
Police across Australia are warning of a surge in cryptocurrency ATM scams targeting vulnerable victims, with over 150 reported cases in 2024 resulting in losses exceeding $3 million, including victims who deposited hundreds of thousands of dollars. Scammers manipulate victims—predominantly people over 50—through romance, investment, and employment fraud schemes, directing them to use cryptocurrency ATMs as anonymous cash pipelines after banks block traditional transfers. Authorities emphasize that cryptocurrency ATM transactions are irreversible and advise the public to never send money via cryptocurrency when pressured by unknown persons or promised quick profits.
cryptorank.io
An Australian investigation identified 90 individuals involved in cryptocurrency ATM fraud schemes, revealing that many were victims rather than perpetrators. A woman in her 70s lost $281,000 and another lost $130,000 after falling victim to romance and investment scams that directed them to deposit cash into crypto ATMs; between January 2024 and January 2025, over $3 million was lost to crypto ATM scams in Australia with nearly half of victims aged over 51. In response, AUSTRAC implemented new operational standards for crypto ATM providers including transaction limits, mandatory scam alerts, and improved verification protocols.
finance.yahoo.com
An Atlanta couple lost $800,000 in retirement savings to a cryptocurrency scam that began with a WhatsApp message from a stranger promoting an investment opportunity through a trading app. After receiving initial positive returns, Jerry Dunaway invested larger amounts but was unable to withdraw his money when he tried to access it; law enforcement indicated recovery was unlikely. The couple now advocates for public awareness, while experts note that cryptocurrency fraud affected over 69,000 Americans in 2023 with losses exceeding $5.6 billion, with adults over 60 experiencing the highest losses at $1.2 billion through scams using artificial intelligence and fake trading platforms.
chronline.com
Washington residents lost $38.2 million to fraud in the first quarter of 2025, with people ages 80 and over experiencing the highest median losses of $1,286; "government imposters" represent the most common scam type, including fake DMV text messages demanding payment for traffic violations and romance scams targeting seniors. The FBI reported over 7,600 people age 60 or older lost approximately $389 million in romance scams in 2024, while cryptocurrency kiosk scams cost Washington state $142 million in 2023. Law enforcement agencies advise residents to verify requests independently using official phone numbers, avoid untypical payment methods like cryptocurrency or peer-to
dallasnews.com
Complaints from adults aged 60 and older targeting online scams increased 46% from 2023 to 2024, with that age group losing over $4.8 billion to internet crimes in 2024, according to the FBI. Scammers target older adults for their assets through various schemes including romance cons, cryptocurrency investment fraud ("pig butchering"), and intermediary money-transfer operations, with criminals often establishing trust through social media before requesting payments. The article emphasizes that while cognitive aging increases vulnerability, everyone is at risk due to advancing AI technology, and recommends family members, friends, and service providers watch for unusual financial activity and intervene diplomatically.
dailyhodl.com
Amy Jo Reid, a former senior vice president and director of purchasing at a Green Bay, Wisconsin bank, pleaded guilty to stealing $411,923 over a six-year period (May 2018 to May 2024) by charging personal expenses—including flights, hotel stays, casino gambling, and property taxes—to bank-issued purchase cards while submitting falsified or misleading documentation. Reid agreed to pay full restitution of $411,923 and faces up to 30 years in prison and a $1 million fine on three fraud charges.
ainvest.com
Elderly Americans have lost millions of dollars through Bitcoin ATM scams, with fraud losses surging from $12 million in 2020 to $114 million by 2023, with seniors accounting for two-thirds of reported losses. In response, states and cities have implemented various regulations including transaction limits, licensing requirements, and mandatory operator conversations for large transactions, while Senator Dick Durbin introduced the federal Crypto ATM Fraud Prevention Act to cap daily spending at $2,000 and require refunds if police reports are filed within 30 days. Scammers typically impersonate government agencies, businesses, or tech support, with median losses per victim reaching $10,000.
cryptorank.io
An Australian investigation identified 90 individuals involved in cryptocurrency ATM fraud, revealing that scammers are exploiting vulnerable elderly victims through romance and investment schemes. A woman in her 70s lost $281,000 and another lost $130,000 after being manipulated into depositing cash into crypto ATMs, with over $3 million lost to such scams nationwide between January 2024 and January 2025. In response, AUSTRAC implemented new operational standards including transaction limits, mandatory scam alerts, and enhanced verification protocols to combat the misuse of the 1,600+ crypto ATMs across Australia.
thisdaylive.com
Fourteen Chinese nationals were convicted and sentenced to one year in prison each (or a fine of 1 million Naira) by a Federal High Court in Lagos for cyberterrorism and internet fraud following a plea bargain agreement. The defendants were part of a 792-person cryptocurrency investment and romance fraud syndicate arrested in December 2024 during an EFCC operation, with charges alleging they accessed computer systems to destabilize Nigeria's economy and social structure. The court ordered their deportation upon sentence completion and forfeiture of all seized items to the Nigerian government.
spokesman.com
Government agencies across Washington and Idaho are warning residents about multiple active scams, including government imposter schemes, fake DMV text messages demanding payment for traffic violations, romance scams, and cryptocurrency kiosk fraud. In early 2025, Washington fraud victims lost $38.2 million with people ages 80 and older experiencing median losses of $1,286, while Idaho residents lost over $63 million to cybercrimes in 2024, with seniors being predominately targeted. Authorities advise residents never to respond to unsolicited demands for payment and to independently verify any claims by contacting the legitimate agency using official phone numbers rather than information provided by the scammer.
chronline.com
In the first quarter of 2025, Washington fraud victims lost $38.2 million, with people ages 80 and over suffering the highest median loss of $1,286; "government imposters" remain the most prevalent scam type. Regional law enforcement agencies warned residents about evolving fraud schemes including fake DMV text messages demanding payment, cryptocurrency kiosk scams (which cost Washington $142 million in 2023), and romance scams that defrauded seniors 60+ of $389 million nationally in 2024. Authorities advise residents to verify claims directly with agencies using official contact information and avoid unusual payment methods like cryptocurrency, Venmo, or Pay
news.shib.io
Charles Uchenna Nwadavid, a 35-year-old Nigerian national, pleaded guilty to stealing over $2.5 million from six victims through romance scams between 2016 and 2019, laundering the funds through cryptocurrency accounts he controlled. Nwadavid manipulated victims into sending money via fake dating profiles and romantic relationships, then transferred the stolen funds through a Massachusetts resident accomplice into crypto wallets on LocalBitcoins. He faces up to 20 years in prison on mail fraud and money laundering charges, along with potential deportation.
coastalbreezenews.com
Lunch with Friends hosted over 100 seniors on June 18th at Marco Lutheran Church, where Lieutenant Joseph Belardo from the Marco Island Police Department presented on elder fraud prevention. Lt. Belardo warned that scammers stole $3.4-$6.1 billion from older Americans last year, with tech support scams, government impostor scams, and AI-powered voice cloning being among the most common threats; he advised seniors to be skeptical of unsolicited calls/texts/emails, avoid clicking suspicious links, and verify requests by calling trusted phone numbers directly. The presentation also covered ransomware, malware, and deepfakes, with recommendations to update security software, use V
foxnews.com
A woman in Jensen Beach, Florida, lost $800 to a Facebook scam in which a fraudster impersonating Elon Musk promised her a Tesla and $250,000 in cash, then repeatedly requested Apple Gift Card payments for supposed delivery fees. The scammer used a fake profile with copied images and AI-generated content, moved the conversation to WhatsApp, and exploited urgency and flattery to manipulate the victim into sending multiple payments before she recognized the pattern. Gift cards are favored by scammers because they are untraceable, fast, and nearly impossible to recover once redeemed.
cointelegraph.com
Michael Zidell filed a lawsuit against Citibank in Manhattan federal court, alleging the bank ignored red flags and failed to monitor suspicious transactions that allowed romance scammers to steal $20 million from him—including nearly $4 million routed through Citibank accounts belonging to a company called Guju Inc. The scam began in early 2023 when Zidell was contacted by a fake persona on Facebook posing as a business owner named Carolyn Parker, who convinced him to invest in NFTs through a fraudulent trading platform that ultimately disappeared with his funds. Zidell claims Citibank processed 12 suspicious transfers totaling around $4
crypto.news
Michael Zidell lost $20 million in a "pig butchering" romance scam after being targeted on Facebook by a scammer posing as a woman named Carolyn Parker, who lured him into fraudulent NFT investments through fake account statements. Zidell sued Citibank for negligence, alleging the bank failed to detect and act on suspicious wire transfers—including twelve transactions totaling nearly $4 million to an account held by Guju Inc. that contradicted the account holder's declared business activity and violated Know Your Customer and Anti-Money Laundering laws. Pig butchering scams resulted in $5.8 billion in investment fraud losses in 2024