Cybercriminals are using fake trading apps to target unsuspecting victims in a sophisticated scam known as ‘pig butchering.’ These apps, disguised as legitimate investment platforms, are designed to steal users’ money after building trust and encouraging large deposits. This article reveals the tactics used by scammers and highlights the importance of vigilance when downloading financial apps.
Shan Hanes, the former CEO of Heartland Tri-State Bank, has been sentenced to 24 years in prison for his role in a $47.1 million crypto scam. Hanes was convicted of embezzlement, diverting bank funds into crypto accounts controlled by scammers. This led to the bank’s collapse, making it one of five banks to close in 2023. Hanes was caught up in a ‘pig butchering’ scam, where he was lured into making crypto investments with promised returns, which he never received.
