Man Sues Citibank Over $20M NFT Rug Pull Scam Involving Ethereum Transactions

A recent lawsuit filed in Manhattan federal court accuses Citibank of negligence after a plaintiff lost $20 million in a crypto-related scam. The individual alleges that the bank failed to detect suspicious activity involving 12 transactions worth approximately $4 million linked to the fraudulent NFT platform “OpenrarityPro.” The plaintiff reportedly connected with the scammer via Facebook before investing in the platform. This case highlights growing concerns over traditional financial institutions’ ability to identify and mitigate risks associated with cryptocurrency transactions. The complaint underscores the necessity for enhanced due diligence and robust monitoring systems within banks to prevent facilitating illicit crypto transfers. As regulatory scrutiny intensifies, this lawsuit may set a precedent for accountability in the intersection of conventional banking and digital asset fraud.