According to ChainCatcher, a California resident is suing three Asia-based banks, accusing them of failing to conduct basic due diligence, resulting in his loss of nearly $1 million in a cryptocurrency scam.
According to the complaint filed on December 31, 2024, Ken Liem's lawyer claims that his client was contacted about a cryptocurrency investment opportunity via LinkedIn in June 2023 and was persuaded to transfer funds to the scammers.
Funds were deposited into three Asian banks and ultimately transferred to a third-party account. The lawyer alleges that these banks failed to perform compliance checks such as KYC and anti-money laundering, did not identify fraudulent activities, and allowed the fraudsters to open accounts and carry out the scam.