The Heartland Tri-State Bank in Elkhart, Kansas, experienced a financial collapse when its president, Shan Hanes, funneled $47.1 million into crypto investments, which ultimately vanished into overseas wallets. Hanes fell victim to an elaborate crypto scam known as pig butchering, in which victims are manipulated into investing in fake schemes until their money is depleted. The bank's collapse left the town in financial ruin, and residents are still searching for answers. Hanes, a respected businessman and part-time preacher, had been running the bank since 2008. He was convinced by a woman named Bella, who claimed to represent a crypto investment firm, to start investing. Hanes resorted to stealing from the bank and even tried to secure a loan to recover the money, but it was too late. The bank was declared insolvent, and investors lost everything. Hanes pleaded guilty to embezzlement and was sentenced to 24 years and 5 months in federal prison. Investigators later recovered $8 million of the stolen money, but the town of Elkhart remains devastated by the loss and broken trust.



Other News from Today