According to PANews, former Heartland Tri-State Bank CEO Shan Hanes has been sentenced to 293 months in prison for embezzling $47 million in a fraudulent scheme. Initially, the bank's bankruptcy was expected to result in a total loss for investors, but the intervention of Tether altered the outcome.
Court documents reveal that Hanes relinquished his claim to funds associated with an Ethereum address managed by Tether Limited (0xef2797225aCEF65d583F157bbAf023C290D0e7dB). Tether implemented a blacklist on this address, effectively freezing the movement of funds, which facilitated compensation for affected investors. This action by Tether was part of its collaboration with the Federal Bureau of Investigation (FBI). Additionally, the Federal Deposit Insurance Corporation (FDIC) has fully insured the bank's depositors, ensuring the safety of their funds.
