A California resident, Ken Liem, is suing three Asia-based banks for neglecting basic checks that could have prevented a nearly $1 million crypto scam. Liem was duped in a "pig butchering" scam, where fraudsters slowly build trust with victims before deceiving them. Over several months, Liem transferred large sums to individuals posing as crypto investors, with the funds being transferred to accounts at Hong Kong's Fubon Bank Limited, Chong Hing Bank Limited, and Singapore's DBS Bank Limited. Liem's lawyers argue that the banks failed to carry out adequate checks, violating Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Liem is seeking a jury trial and $3 million in damages. Crypto hacks and frauds led to over $2.3 billion in losses in 2024, with "pig butchering" scams alone swindling over $3.6 billion. The importance of implementing AI-powered risk assessment and anomaly detection tools to stay ahead of complex attacks was emphasized by Web3 security firm Cyvers.



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