Former Banker Who Fell For Cryptocurrency Scam Gets 24 Years Prison Sentence

Shan Hanes, a former CEO of Heartland Tri-State Bank in Elkhart, Kansas, has been sentenced to 24 years in prison following his involvement in a

cryptocurrency scam. Hanes illegally wired US$47.1 million from the bank, ultimately leading to its collapse.

The scheme Hanes was involved in is an instance of 'pig butchering,' a type of scam where perpetrators build a false online relationship with victims to eventually convince them to invest in a seemingly legitimate opportunity. The scammers target individuals unfamiliar with cryptocurrency, first securing an initial investment before manipulating victims into giving more money, claiming it will 'unlock' or 'guarantee' the initial investment.

However, many of these scammers are sometimes victims of human trafficking, committing these heinous acts against their own will. For example, young men from around the world, seeking jobs, are lured to countries like Thailand and then kidnapped by Chinese crime syndicates. They are then trafficked to compounds in Myanmar, where they are forced to impersonate people online and run scams using scripted dialogues.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

LowyatNET /  🏆 13. in MY

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Muhammad Yunus: Bangladesh's 'banker to the poor'Affleck has no illusions that he and J.Lo can repair their rocky marriage, nor does he want to, insiders said this week.
Read more »

Woman who fell into sinkhole may have been swept away by underground water current, say policePETALING JAYA: Police believe that the 48-year-old Indian national who fell into a sinkhole near Masjid India today was swept away by strong undergrou...
Read more »

HK filmmaker Wong Jing reveals why he fell out with Stephen ChowPARIS (Reuters) - Three years after the Tokyo Olympics were held amid strict precautions and with no fans because of the global COVID-19 pandemic, the virus has forced athletes to withdraw from events and has others donning masks once again at the Paris Games.
Read more »

Former assistant bowling coach charged in molest case seven years ago acquittedBEIJING: China on Thursday (Aug 22) urged its citizens in Lebanon to leave 'as soon as possible', according to an embassy statement, the day after an Israeli strike in the country killed a senior Palestinian activist.
Read more »

[VIDEO] Here's The Replay Showing The Collision That Cost Shah Firdaus' Bronze In KeirinTwo other riders who fell did not finish the race.
Read more »

DPM Fadillah reconnects with former headmistress after years, shares happy reunion on FacebookKUALA LUMPUR, Aug 5 — Deputy Prime Minister Datuk Seri Fadillah Yusof shared on Facebook today a heartfelt account of reuniting with his former primary school headmistress. He...
Read more »