Former CEO of Heartland Tri-State Bank admits to embezzling $47.1 million to purchase cryptocurrency, leading to the bank's collapse

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.