Shan Hanes, former CEO of Heartland Tri-State Bank, pleaded guilty on Thursday to misappropriating $47.1 million for personal cryptocurrency purchases, leading to the bank’s collapse, ChainCatcher reported.
Shan Hanes made at least 10 wire transfers to cryptocurrency accounts from the bank, which was later acquired by Dream First Bank, from May to July 2023. Shan Hanes faces up to 30 years in prison. He will be sentenced on August 8, 2024.
