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‘Pig Butchering’ Victim Sues Asian Banks for $1 Million Crypto Fraud

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.

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