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International Business Times UK

Business

Vinay Patel

From CEO To Inmate: How A $47M Crypto Scam Brought Down A Kansas Bank And Its Leader

Brian Mitchell Crypto Kansas

Shan Hanes, the former CEO of Heartland Tri-State Bank, was sentenced to 24 years in prison for embezzling $47 million in a failed cryptocurrency investment. (Credit: Twitter / Parrot Coin @parrot_coins)

A small Kansas bank's CEO was sentenced to over 24 years in prison for his involvement in a cryptocurrency scam that caused the bank to collapse and be taken over by the Federal Deposit Insurance Corporation.

Shan (pronounced Shane) Hanes, the CEO of Heartland Tri-State Bank, is facing charges of embezzling $47 million. According to federal prosecutors, he fell victim to a "pig butchering" scam and transferred the stolen funds to cryptocurrency wallets managed by the scammers. The scheme exploited his greed and financial vulnerabilities.

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