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Crypto 'Pig Butchering' Scam Wrecks Kansas Bank, Sends Ex-CEO To Prison For 24 Years

An anonymous reader quotes a report from NBC News: The former CEO of a small Kansas bank was sentenced to more than 24 years in prison for looting the bank of $47 million -- which he sent to cryptocurrency wallets controlled by scammers who had duped him in a "pig butchering" scheme that appealed to...

Hanes, 53, also swindled funds from a local church and investment club -- and a daughter's college savings account -- to transfer money, purportedly to buy cryptocurrency as the scammers insisted they needed more funds to unlock the supposed returns on his investments, according to records from U.S. District Court in Wichita, Kansas. [...][P]rosecutors and bank regulators said that Hanes, who has three daughters with his school teacher wife, began stealing after being targeted in a pig-butchering scheme in late 2022. Hanes initially used personal funds to buy crypto, but in early 2023 he stole $40,000 from Elkhart Church of Christ and $10,000 from the Santa Fe Investment Club, according to prosecutors and a defense filing.

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