Doj’s confiscation case was the Itchno Specialist Inc. in Manila. A network from the call center, a network, $ 225 million laundered USDT and a total of $ 3 billion volume revealed.

In 2023, Hanes sent a total of $ 47.1 million from the bank in just 6 weeks.

These transfers were not noticed in the first place because they were made between the quarter -term reports.

Doj detected only 60 out of 434 victims and announced that the total loss of these people was $ 19.4 million.

3.3 million dollars of the funds imposed by Hanes were seized by Doj for being sent directly to this network.

🏦 Why did the bank sank? Heartland Tri-State Bank after Hanes’ procedures:

He had to use $ 21 million resources through emergency borrowing.

The liquidity completely melted and the capital gap reached $ 35 million.

Regulators closed the bank in July 2023.

In addition, Hanes is not only the bank; It was determined that many personal and institutional resources, including a church fund, investment club and daughter, to the scammers.

⚖️ He was sentenced in 2024

In August 2024, Hane was sentenced to 24 years in prison for embezzlement and fraud. Doj describes him as both the “perpetrators” and the largest victim of the global fraud network ”.

🪙 Crypto currencies can participate in federal stocks

The seized USDTs are expected to be included in the federal digital asset reserve planned to be established by the order of President Donald Trump. Although it has not yet been officially established, the Treasury Ministry began to control all crypto beings in the hands of the state.

This shows that crypto fraud has become extensive enough to threaten not only individual investors but also the basic building blocks of the financial system. In addition, the CEO of a small bank in such a easy way to embezzle millions, “easy wealth” with the promise of scammers, this money is a striking example of the deficiencies of regulation is a striking example.