US Court Sentences Crypto Scammer to 24 Years Behind Bars
CryptoNewsTerminal Staff19 Aug, 2024
US Court Sentences Crypto Scammer to 24 Years Behind Bars
A US court has sentenced the former CEO of Kansas-based bank, HTSB, Shan Hanes, to 24 years and 5 months in prison for his role in a cryptocurrency scam that drained millions of dollars from the financial institution. The court found that Hanes transferred $47.1 million of bank funds to crypto romance scam project wallets in 11 transactions between May and July 2023. The bank subsequently failed, with investors losing $9 million. The court stated that "Hanes’s actions not only betrayed the trust of his bank and its investors, but also eroded trust in the banking system." This case highlights the growing problem of cryptocurrency scams and the need for investors to be vigilant when investing in digital assets. ```
