Former CEO Shan Hanes of Heartland Tri-State Bank in Kansas has pleaded guilty to embezzling tens of millions of dollars for a cryptocurrency scheme.

The bank collapsed last summer, leading to significant losses for investors and depositors.

Hanes admitted to orchestrating wire transfers totaling $47.1 million to a cryptocurrency wallet, with some funds taken from accounts including a local church.

He fell victim to a 'pig butchering' cryptocurrency scam, where scammers deceive individuals into investing in fake opportunities.

Hanes faces up to 30 years in prison, a $1 million fine, and $60.5 million in restitution.

The collapse of Heartland Tri-State Bank was deemed an isolated event by Kansas bank regulators, with the FDIC taking over its assets.

Hanes' actions have left many victims without full recovery of their losses, and he is now held criminally responsible for his actions.