According to BlockBeats, on August 26, former Heartland Tri-State Bank CEO Shan Hanes was sentenced to 293 months in federal prison for his involvement in a $47 million cryptocurrency fraud case.

Court documents show that Hanes executed 11 unauthorized wire transfers between May and July 2023, transferring $47.1 million in bank funds to a cryptocurrency wallet.

The funds were linked to a pig-killing scam that ultimately led to the collapse of Heartland Tri-State Bank.