According to a report by (Fortune) on November 5, the FBI successfully recovered $8.3 million that was embezzled by the former CEO of a Kansas bank, and the funds were held in a cryptocurrency account in the Cayman Islands. In a federal court in Kansas yesterday, 30 community bank shareholders erupted in relieved sobs upon learning they would fully recover their investments. In August of this year, former Heartland Tri-State Bank CEO Shan Hanes was sentenced to 24 years in prison for embezzling $47 million of client funds and transferring them into a cryptocurrency account operated by scammers. Prosecutors stated that Hanes also stole money from churches, investment clubs, and his daughter’s college fund, losing $1.1 million of personal funds in the scheme. Hanes's bank was closed and sold by federal regulators due to depletion of funds. The $47.1 million in deposits of clients was insured and compensated by the Federal Deposit Insurance Corporation (FDIC), however, the $8.3 million investment of the 30 community bank shareholders was once thought to be unrecoverable. Prosecutors stated that Hanes fell into a “pig-butchering” scam and transferred $47.1 million of client funds through 11 wire transfers in just 8 weeks from late 2022 to summer 2023.