$20M Pig Butchering Fraud Victim Files Lawsuit Against Citibank
Michael Zidell, a victim of a $20 million crypto pig butchering fraud, has filed a lawsuit against Citibank in Manhattan Federal Court. According to the claim, Citibank failed to fulfill its statutory responsibilities by allowing Zidell to deposit large sums of money to scammers…
Pig butchering frauds, a blend of romance investment and confidence scams, pose a growing threat to the crypto space. The 33.2% increase in pig butchering incidents marks a 40% rise year-over-year. A University of Texas study reveals a $75.3 billion global loss to pig butchering between January 2020 and February 2024. In 2025, pig butchering has become a highly damaging scam, with wallet breaches and CEX hacks among the prevalent methods targeting crypto users.