Lawsuit Alleges Cryptocurrency Scam Targeting Investors

06aac4b9d8208186b2dd4126a2a0ea33 Lawsuit Filed Over Pig Butchering Crypto Scam

LOS ANGELES, Oct. 2, 2024 — Attorney Kiley Grombacher has filed a lawsuit against multiple defendants, alleging that their client was victimized in a “pig butchering” cryptocurrency scam that resulted in the theft of over 33 Bitcoin (BTC), equivalent to more than $2.1 million at the time of the incident.

According to the lawsuit, the plaintiff was ensnared in an alleged global RICO conspiracy known as pig butchering. This scam involves fraudulent cryptocurrency investment schemes, believed to be orchestrated by criminal organizations in Southeast Asia, originating from Asia. These scammers meticulously create convincing fake websites that mimic legitimate trading platforms, and then manipulate these websites to simulate real trades while stealthily stealing money from unsuspecting victims.

The lawsuit asserts that in September 2023, the plaintiff was introduced to an individual identified as “1” by a person he met on LinkedIn, who claimed to be “1’s” niece. The initial interaction involved a video phone call, followed by subsequent communication via the Telegram app. The alleged scam involved “1” claiming to teach the plaintiff how to become a successful cryptocurrency trader. This alleged scammer also claimed to be affiliated with an investment firm that collaborates with Binance, showcasing falsified examples of his supposed success in achieving high returns through his cryptocurrency trading techniques. The lawsuit has been filed against the alleged scammer who identified themselves as “1.”

The lawsuit alleges that the scammer persuaded the plaintiff to register with the trading platform Kraken, purchase BTC, and subsequently transfer it to a purported trusted exchange site called Coinberry. The BTC was then converted to Tether (USDT) to be used in various investment strategies. However, the plaintiff fell prey to a deceptive scheme, as the “trusted exchange” was allegedly a fraudulent website specifically designed to ensnare unsuspecting victims.

The plaintiff maintains that the fraudsters were so convincing they convinced him to transfer his life savings, including his entire IRA, into their possession.

“It’s utterly appalling that this type of scam has such a global reach,” remarked attorney Kiley Grombacher. “Thousands of individuals have lost their life savings, including our client, who now faces the daunting task of trying to make ends meet after diligently building a substantial nest egg throughout his life.”

The case, entitled Hector Gustav Gutierrez v. “1” a/k/a “Yan Shi Zhang, is being heard in the US District Court of California, under Case No. 5:24-cv-01923.

About Bradley/Grombacher LLP

When faced with the need to take legal action against another party in a dispute, turn to the attorneys at for assistance. Our lawyers collectively boast over 50 years of experience, ready to be put to work in order to help you secure the fair and just compensation you deserve in any dispute involving employment law, consumer law, and personal injury law.

Contact: Joseph Marchelewski,

SOURCE Bradley/Grombacher

elong