A Kansas pig butchering: CEO who defrauded bank, church, friends gets 24 years

The FBI has recovered $8 million in funds from a cryptocurrency scam that netted $47 million and devastated the Kansas city of Elkhart. In August, Shan Hanes, 53, was sentenced to 24 years and five months in prison after he admitted to one count of embezzlement by a bank officer, an action that crashed the Heartland Tri-State …

[Ace2]

Crypto == FREEDUMB!

[Clausewitz4.0]

Use an offline, encrypted wallet

Use an offline, encrypt by hardware wallet - keeping your cryptocurrency at exchanges, is like handing your money to the bank - sooner or later, the bank will steal from you.

This way, if you die, your money dies with you.

[Androgynous Cupboard]

Re: Use an offline, encrypted wallet

I'm not sure which article you read, but that is definitely not the advice I distilled from this.

[Clausewitz4.0]

Re: Use an offline, encrypted wallet

"FBI did manage to crack one of the cryptocurrency wallets involved"

This one?

[Natalie Gritpants Jr]

Re: Use an offline, encrypted wallet

Probably got squeamish after the key holder bled out

[Philo T Farnsworth]

Re: Use an offline, encrypted wallet

Your wife, husband, or partner and/or your children, should you have any, will appreciate that, I'm sure.

[Jedit]

"Your wife, husband, or partner"

Reminder that we're talking about crypto bros here. This isn't going to be a widespread problem.

[Doctor Syntax]

The real scammer is still at large, it seems.

[ChrisMarshallNY]

Probably Not

These scammers are usually slaves, in Myanmar boiler rooms. Their boss made out like a bandit (because they are), but the actual pig butcherer is probably only getting extra portions of rice for all that work.

[Yet Another Anonymous coward]

Re: Probably Not

Sounds like the enterprising high growth business we need to bring back on-shore

[Dr Dan Holdsworth]

Time was when you had to go to financial free fire zones like the game Eve Online to see old-time scams like this being practised out in the wild. I had frankly thought that this sort of scam had died a richly deserved death back in the days of the Big Con trick.

But alas it seems that in the USA at least the banks and bankers are still daft enough to fall for a scam like this, and have too few safeguards in place to deal with dozy management.

[stungebag]

He was targetted as an individual. Either the scammers got lucky or they'd done some research because he gave away his church's and bank's money once his own had all gone. Pig butchering scams are common and happen to ordinary people in the USA and outside it.

[anonanonanonanonanon]

You should try tinder, I had two attempts to rope me in in the last month

[Wexford]

"recovered around $8 million, which is being returned to local investors ahead of any government claims to the money."

Business as usual, then...privatise the profits, socialise the losses. In this case, let's help out the private investors who made a decision to part with their money, before we help the public who had no say in the matter.

[midcapwarrior]

Depositors would be first in line but they would be covered up to $250,000 by the FDIC.

[CowHorseFrog]

The real problem is he didnt steal enuff, everybody knows the more you take the less jail time you get, and the smaller the amount the longer the prison jail sentence.

Just ask the ceos who destroyed billions in value at Boeing.

[Sceptic Tank]

Safe as money in the bank

Tri-State Bank: Your money is with them, it's not with them, or it's in some unknown's crypto wallet. (It's definitely not in Kansas anymore).

I had a look at Elkhart, KA on StreetView. Them rednecks ain't not gonna be well pleased with this. They're gonna be real unhappy.

Icon ====> Country music banjo playing as I put on my stetson and head off to the bar in my truck.