PANews reported on July 4 that according to Cointelegraph, last week, Michael Zidell, a victim of a $20 million cryptocurrency fraud, sued Citibank, accusing it of ignoring "red flags". Recently, he filed similar lawsuits against two other banks in the California federal court. Michael Zidell accused East West Bank and Cathay Bank of "turning a blind eye to their legal duties and obligations". Michael Zidell claimed that he transferred 18 transactions to the East West Bank account suspected of fraud, totaling nearly $7 million, and transferred 13 transactions to an account at Cathay Bank, totaling more than $9.7 million.

Earlier news , Citibank was accused of ignoring signs of suspicious transactions related to the $20 million cryptocurrency "pig killing" scam.