Saturday, June 7, 2025
No Result
View All Result
Coins League
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis
Marketcap
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis
No Result
View All Result
Coins League
No Result
View All Result

LinkedIn Crypto Scam Leads to $1M Suit Against Asian Banks

January 6, 2025
in Crypto Updates
Reading Time: 3 mins read
0 0
A A
0
Home Crypto Updates
Share on FacebookShare on TwitterShare on E Mail


A California man, Ken Liem, has filed a lawsuit in opposition to three banks based mostly in Asia, accusing them of enabling crypto fraudsters to steal almost $1 million.

The authorized motion, submitted to a California district courtroom on December 31, 2024, claims the banks did not take primary steps to stop the alleged rip-off.

In response to the lawsuit, Liem was approached on LinkedIn in June 2023 by scammers selling a cryptocurrency funding alternative. Liem was satisfied they’d make investments on his behalf, so he transferred the funds over the next months.

Do you know?

Need to get smarter & wealthier with crypto?

Subscribe – We publish new crypto explainer movies each week!

Candlesticks, Trendlines & Patterns Simply Defined (Animated Examples)

Candlesticks, Trendlines & Patterns Easily Explained (Animated Examples)
Candlesticks, Trendlines & Patterns Easily Explained (Animated Examples)

Nonetheless, the cash was as an alternative despatched to accounts at DBS Financial institution in Singapore, in addition to Fubon Financial institution and Chong Hing Financial institution in Hong Kong, earlier than being moved to different third-party accounts.

Liem’s attorneys allege the banks violated the US Financial institution Secrecy Act, which requires monetary establishments to keep up transaction data and report suspicious exercise.

Additionally they argue that DBS is topic to this regulation on account of its California department. In the meantime, Fubon and Chong Hing processed transactions tied to a US checking account held by Liem.

Moreover, the lawsuit accuses these banks of neglecting important checks reminiscent of Anti-Cash Laundering (AML) and Know Your Buyer (KYC) procedures.

Liem’s legal professionals argue that these checks would have revealed warning indicators in regards to the account holders, which may forestall the accounts from being created. They declare the banks probably ignored clear proof that the funds had been linked to fraudulent actions.

In the meantime, in Vietnam, the Hanoi Metropolis Police Division uncovered and stopped a $1.17 million crypto rip-off. What was the rip-off about? Learn the total story.

Aaron S. Editor-In-Chief

Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Warfare II period.With near a decade of expertise within the FinTech trade, Aaron understands all the greatest points and struggles that crypto fanatics face. He’s a passionate analyst who is anxious with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and trade newcomers.Aaron is the go-to individual for all the things and something associated to digital currencies. With an enormous ardour for blockchain & Web3 schooling, Aaron strives to rework the area as we all know it, and make it extra approachable to finish newbies.Aaron has been quoted by a number of established shops, and is a broadcast writer himself. Even throughout his free time, he enjoys researching the market traits, and searching for the subsequent supernova.



Source link

Tags: AsianBankscryptoleadsLinkedInscamSuit
Previous Post

Bitget Launches New Phase of Wealthy Tuesday with Exclusive High-Yield Savings Products

Next Post

ETFs Go Crypto: 2025 Could See Dozens of New Crypto-Focused Funds | by Crypto Scope | The Capital | Jan, 2025

Related Posts

Snorter Token Presale Heats Up Amid Trump-Musk Meme Coin Drama
Crypto Updates

Snorter Token Presale Heats Up Amid Trump-Musk Meme Coin Drama

June 7, 2025
US Lawmakers Seek Audit of Federal Gold, Including ‘Deep Storage’
Crypto Updates

US Lawmakers Seek Audit of Federal Gold, Including ‘Deep Storage’

June 7, 2025
UK to Consider Lifting Ban on Retail Access to Crypto Exchange-Traded Notes
Crypto Updates

UK to Consider Lifting Ban on Retail Access to Crypto Exchange-Traded Notes

June 7, 2025
XRP Price Could Reach $27 As The Cards Fall Into Place
Crypto Updates

XRP Price Could Reach $27 As The Cards Fall Into Place

June 6, 2025
AI Ronaldo Goes Viral, Meta Oversight Board Intervenes
Crypto Updates

AI Ronaldo Goes Viral, Meta Oversight Board Intervenes

June 6, 2025
OpenAI Fights NYT Lawsuit to Save Deleted User Chats
Crypto Updates

OpenAI Fights NYT Lawsuit to Save Deleted User Chats

June 7, 2025
Next Post
ETFs Go Crypto: 2025 Could See Dozens of New Crypto-Focused Funds | by Crypto Scope | The Capital | Jan, 2025

ETFs Go Crypto: 2025 Could See Dozens of New Crypto-Focused Funds | by Crypto Scope | The Capital | Jan, 2025

Tether’s Market Capitalisation Slips as MiCA Regulations Kick in

Tether’s Market Capitalisation Slips as MiCA Regulations Kick in

Morgan Stanley Mulls Adding Crypto To E-Trade Platform

Morgan Stanley Mulls Adding Crypto To E-Trade Platform

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Twitter Instagram LinkedIn RSS Telegram
Coins League

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Coins League

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

SITEMAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2023 Coins League.
Coins League is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis

Copyright © 2023 Coins League.
Coins League is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In