The U.S. Department of Justice (DoJ) has filed civil forfeiture proceedings against Shan Hanes, a former banker who embezzled over $47 million from the Heartland Tri-State Bank. Hanes lost much of his illicit gains to a crypto scam linked to a Philippine call center, according to the DoJ’s complaint.

In this legal action, initiated on June 18, 2025, the DoJ is targeting more than $225 million in USDT allegedly laundered by Hanes. The complaint highlights a complex operation utilized by the scammers to conceal the origin of the stolen funds.

Victims of the scam were coerced into making deposits using USDT, which were shuffled through several intermediary wallets to obscure their traceability. Ultimately, these funds were transferred to multiple accounts on the OKX crypto exchange.

🚨 BREAKING: Kansas banker Shan Hanes, who stole $47M from Heartland Tri-State Bank, lost millions to overseas crypto scammers in a DOJ-busted $225M USDT laundering scheme. — CryptoAI (@QCryptoAI) June 19, 2025
Translation: A DAO has uncovered a significant scam orchestrated through a network of deceit, with Hanes both profiting and suffering losses.

All identified OKX accounts were centrally linked through shared IP addresses and KYC documents originating from a Manila-based scam operation known as ITECHNO Specialist Inc. This network reportedly generated an astonishing $3 billion in transactions.

In summary, Shan Hanes indirectly victimized numerous people while simultaneously being described as a victim in this extensive crypto scheme. His actions have led to the loss of assets substantial enough to prompt regulatory responses and legal proceedings aimed at recovering funds for the victims involved.