Get the latest tech news

Ex-bank CEO gets 24 years after falling for crypto scam, causing bank collapse

Former bank CEO ignored warnings that he was being scammed while tanking bank.

A federal judge sentenced a 53-year-old Kansas man to more than 24 years in prison after the former bank CEO abused his trusted position to embezzle $47 million after falling for a cryptocurrency scam that he believed would make him wildly rich. In a press release, the US Attorney's Office said that Shan Hanes was driven by "greed" when directing bank employees to transfer millions in funds to a sketchy crypto wallet managed by still-unknown third parties behind the so-called"pig butchering" scheme. Last year, the US Department of the Treasury’s Financial Crimes Enforcement Network issued an alert, which explained in detail how the scams commonly work and laid out red flags to watch out for.

Get the Android app