Movie-like profiteering from the CEO of a US Bank: He Used Cryptocurrencies!

The former CEO of a US bank used cryptocurrencies for a 47 million dollar heist.

Shan Hanes, 52, former CEO of Heartland Tri-State Bank in Elkhart, Kansas, claimed responsibility for the $47 million heist. Tri-State Bank filed for bankruptcy last year after a loss of $47 million.

According to the statement made by the US Attorney's Office for the District of Kansas, Hanes was found guilty of using his position to embezzle millions of dollars and cause the bank to collapse.

According to the transferred details, Hanes sent a total of $47.1 million from Heartland's funds to a crypto wallet in 10 different transfers from May 2023 to July 2023.

These funds were then distributed among multiple cryptocurrency wallets controlled by unidentified third parties in an attempt to hide the trace.

Making a statement on the subject, US Attorney Kate Brubacher called Hanes a "great manipulator":

Han Hanes is a liar and master manipulator who caused the collapse of the Heartland Tri-State Bank. Even as he squandered tens of millions of dollars of cryptocurrency, Hanes schemed to cover his tracks regarding losses at the bank.

Up to 30 years in prison is being sought for Shan Hanes, the name behind the big attack.