On August 20, the former CEO of a Kansas bank was sentenced to 293 months in prison for embezzling huge sums of money to participate in a cryptocurrency scam. According to court documents, Shan Hanes, 53, pleaded guilty to one count of embezzlement by a bank executive. Hanes, while CEO of Heartland Tri-State Bank, made 11 telegraphic transfers totaling $47.10 million between May and July 2023, transferring funds into a cryptocurrency wallet, participating in the so-called "romance scam" scam. The funds ended up in multiple cryptocurrency accounts controlled by unidentified third parties. Because the bank was protected by the Federal Deposit Insurance Corporation (FDIC), the FDIC took on $47.10 million in losses. Hanes' fraud led to the collapse of Heartland Tri-State Bank and cost investors $9 million. The Department of Justice said Hanes' actions not only betrayed the bank and investors, but also endangered confidence in the Financial Institution Group. The case is being investigated by the FBI, the FDIC's Office of Inspector General, and several other agencies.