$47 million cryptocurrency profiteering from the bank CEO.

Former #CEO of Heartland Tri-State Bank, Shan Hanes, used cryptocurrencies for a $47 million heist, causing the bank to go bankrupt. Hanes, 52, used his position to embezzle millions of dollars and transfer the funds to a crypto wallet in 10 different wire transfers. Hanes has been described as a “major manipulator” by the U.S. Attorney’s Office and faces up to 30 years in prison.

Hanes sent a total of $47.1 million of Heartland's funds to a crypto wallet from May 2023 to July 2023. These funds were then distributed to multiple cryptocurrency wallets controlled by unidentified third parties in an attempt to hide the trace.

What will happen to Hanes?

U.S. Attorney Kate Brubacher said Hanes was a liar and a master manipulator who caused the bank to collapse. Hanes is expected to be sentenced to up to 30 years in prison.
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