“Shan Hans, The Former Ceo of Heartland Tri-State Bank, Wired Millions in imbezzled Funds to Scammers Who Promisened Crypto Riches and Was Arrested in 2024. Now, A doj com. Victim in a Global “PIG BUTCHERING” USDT LAUNDERING NETWORK.”, – WRITE: www.coindesk.com
ProseCutors Have Filed A CIVIL FORFEITURE ACTION TARGETING OVER $ 225 Million in Laundered USDT, Part of A Butchering Scam with Ties to A Philippines Call Call Call Call Cal. Embezzled $ 47 Million from Heartland Tri-State Bank, A The FRAKH WAS DIRECTLY ATTIBUTED TO THE AGRICULTUral Lander’s Demise in 2023.
Accorness to the Department of Justice Compland, Okx, A Crypto Exchange, Provides Kee information that Helped Identify An Intricate Network of Access.
Scammers Laundered Funds by First Directing Victims to Send USDT to 93 Scam-Conntrolled Deposit Addresses. From there, The Funds Were Routed Through As Many As 100 Intermediary Wallets in a Process Designed to Obscure the Source of Funds and Mix Deposits from Multiple Victims, ACcordims.
These Laundered Funds Were Then Funneled Into 22 Primary Okx Accounts and Further Shuffled Account 122 Additional Okx Accounts, All Linked by Shared Ip Adeds. Allegedly traced to a manila-Based scam compound, whochh the complint names as itechno specialist inc.
In total, The Doj Says that Approximately $ 3 Billion in Transaction Volume Was Generated by this laundering Network.
Largest VictimsIn total, the doj says there were 434 victims and have Identified 60 of Them Who Lost a Combined $ 19.4 Million.
The Largest of the Victims Was Hanes, with the Doj Identifying $ 3.3 Million of the $ 47 Million He Embezzled in this Seizure.
HANES EMBEZZLED the MONEY BETWEEN MAY 30, 2023, and July 7, 2023, accounting to bot the doj Complaint and the Federal Reserve’s Report Into the theater. aftermath of the 2023 US Banking Crisis.
Durying this Six-Week Period, Hanees Initated 10 Wire Transfers Totling Approximately $ 47.1 Million from Heartland Tri-State Bank, A Small Community Lender Focused On Agriculural Londurala Controlled.
TheSe Wire Transfers Occurred Between the Bank’s Quarterly Regulatory Reporting Periods, ALLOWING The ACTIVITY TO GO INITIALLYally undetted.
At the Time, Heartland Was Well-Capitalized with $ 13.7 Million in Capital and $ 139 Million in Assets, But Hunes’ Actions DEPLETED ITS LIQUITY, Trigger. Million Capital Hole, Forcing Regulators to Shut It Down in July 2023.
Accorging to Prior Reporting from Cnbc, Hanes Also Stole $ 40,000 from The Elkhart Church of Christ, $ 10,000 from The Santa Fe Investment Club, $ 60,000 from 1 Miledat In Stock from A Firm Called Elkhart Financial to Send to Pig Butchering Scammers.
He was senttenCed to 24 years in prison in august 2024.
The doj complaint referred to him as bottrator and a victim.
Seized Crypto Likely Going to Fed StockpileCrypto seized by the US Government, Such As in this Case, is Likely to be earmarked for a not-yet -established stockpile ordered by President Donald Trump.
The Bitcoin
Reserve and the Stockpile of Other Cryptocurrencies Haven’t Yet Been Formally Established, But The Treasury Department Has Been Leading An Audit of Governmental gathered.
Once Established, The Long-Term Crypto Holdings Will Likely Put Seized Bitcoin in One Fund and Other Types of Tokens in Another.
The Holdings in this Case Appear to be in Significant Amounts of USDT, accounting to the filing. It’s Unclear What Funds May Eventuly Be Returned to Victims, AS Only a Relative Small Percentage of Those Directly Harmed Have Been Identified.
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