The case reveals details of a sophisticated scam that began with a WhatsApp message and evolved into one of the biggest recent banking scandals in the United States.
The American justice system showed how Hanes diverted more than 47 million dollars (equivalent to around 270 million reais) from the bank where he worked to accounts controlled by third parties in an elaborate scam known as “pig slaughter”, in which victims are induced to make fraudulent investments in crypto assets.
Understand below how the case unfolded and the consequences of this chinese overseas asia database cryptocurrency scam scheme for the community and the banking system.
Digital Security:
The Cryptocurrency Scam: How “Pig Slaughter” Works
The financial scam known as “pig slaughter” has become popular in the cryptocurrency world. The scheme begins with criminals convincing victims that they are making safe and profitable investments.
In the case of Shan Hanes, the executive was attracted by an investment opportunity that promised high returns and involved cryptocurrencies, an investment modality famous for the promise of significant returns.
In 2022, Hanes received a message on WhatsApp offering to invest in a crypto wallet. Convinced by the ease of the system, he began investing his personal savings.
However, the promised return never materialized, and Hanes was pressured to make new deposits, being induced to seek funds from other sources.
The executive, who had unrestricted access to funds from the Heartland Tri-State bank, began using these funds to try to cover losses and obtain the promised profits.
Fraudulent transfers and embezzlement of funds
Throughout 2023, Hanes made million-dollar transfers directly from the bank where he held a position of trust. He made transactions worth between $6.7 million and $10 million to accounts controlled by the fraudsters.
The executive also resorted to informal loans and even the school fund of one of his daughters to continue investing in the scheme. Hanes used his position of authority to request transfers that exceeded the bank's limits, ordering other employees to ignore internal controls.
According to court documents, the scammers manipulated Hanes with false promises of profit and security, assuring him that he would get his money back if he invested additional amounts.
However, the transfers only resulted in more losses for the executive and, eventually, for the banking institution.