ChainCatcher news, former Heartland Tri-State Bank CEO Shan Hanes was sentenced to 293 months in prison for embezzling $47 million in a "pig butchering" scheme.The ruling stated that Hanes relinquished ownership of the funds in the Ethereum address managed by Tether Limited. Tether blacklisted the address and froze its transaction permissions to protect investors' rights.Judge John W. Broomes confirmed that all shareholders will receive full compensation. Meanwhile, the Federal Deposit Insurance Corporation (FDIC) also provided full protection for the bank's depositors.

ChainCatcher news: Former Heartland Tri-State Bank CEO Shan Hanes has been sentenced to 293 months in federal prison for allegedly committing a $47 million cryptocurrency fraud scheme. Court documents show that Hanes executed 11 unauthorized wire transfers between May and July 2023, transferring $47.1 million of the bank's funds into a cryptocurrency wallet, which was related to a pig butchering scam. This scheme ultimately led to the collapse of Heartland Tri-State Bank.

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