Be in Crypto
After falling victim to a nearly $1 million crypto scam, a California resident is suing three Asia-based banks, accusing them of neglecting basic checks that could have prevented the fraud.
The plaintiff, Ken Liem, filed the lawsuit on December 31, 2024, in a California court.
$1 Million Crypto Fraud Sparks Lawsuit
The attorneys said that Liem was duped in a “pig butchering” scam. In June 2023, the scammers contacted him via LinkedIn with an offer to invest in cryptocurrency.
“Pig butchering” is a type of cryptocurrency scam that is different from traditional crypto fraud in its methods. The term is a metaphor that refers to the process of slowly fattening up a pig before it is slaughtered. Similarly, in this scam, fraudsters slowly build trust with their victims over time before ultimately deceiving them.