PANews reported on May 24 that according to Bitcoin.com, Shan Hanes, the former CEO of Heartland Tri-State Bank in Kansas, USA, pleaded guilty on Thursday to embezzling $47.1 million for his personal purchase of cryptocurrency, leading to the bank's collapse.

From May to July 2023, Shan Hanes made at least 10 wire transfers from the bank to cryptocurrency accounts. The bank was later acquired by Dream First Bank. Shan Hanes faces up to 30 years in prison and will be sentenced on August 8, 2024.