DoJ Files $225M Civil Forfeiture Case Linked to Crypto Scam Perpetrated by Disgraced CEO Shan Hanes

So, it turns out that the Kansas banker (Shan Hanes) who ripped off millions from his small-town bank in Kansas, lost much of his loot to a pig butchering crypto scam, tied to a Philippines call centre, according to a Department of Justice (DoJ) complaint. According to the complaint filed on 18 June 2025, the.. The post DoJ Files $225M Civil Forfeiture Case Linked to Crypto Scam Perpetrated by Disgraced CEO Shan Hanes appeared first on 99Bitcoins.

crypto

Jun 19, 2025 - 19:00

0 0

So, it turns out that the Kansas banker (Shan Hanes) who ripped off millions from his small-town bank in Kansas, lost much of his loot to a pig butchering crypto scam, tied to a Philippines call centre, according to a Department of Justice (DoJ) complaint.

According to the complaint filed on 18 June 2025, the DoJ’s persecutors have initiated a civil forfeiture action targeting over $225 million in laundered USDT, tied to Shan Hanes, the disgraced CEO of the Heartland Tri-State Bank, embezzling over $47 million from the bank, triggering the collapse of the agricultural lender in 2023.

A crypto exchange provided critical information to the DoJ, which led to the regulatory body identifying a complex modus operandi used by the scammers to launder illegal funds.

Authorities have recovered a total of 93 deposit accounts, where scammers coerced their victims into depositing USDT. Once victims deposited the funds, they circulated through as many as 100 intermediary wallets to obscure the source of the funds and to mix deposits from multiple victims.

Once they obscured the source of funds, the scammers then transferred these funds to OKX accounts in two reshuffling phases. They initially transferred the fund to 22 OKX holding accounts and then reshuffled it among 122 additional OKX accounts.