4 ms·
This is a variant of a pig butchering scam. Pig butchering scams are a dime a dozen and screw over many who get so deep in the game they can't stop. Cryptocurr
by greenavocado 2y ago
This is a variant of a pig butchering scam. Pig butchering scams are a dime a dozen and screw over many who get so deep in the game they can't stop.
Cryptocurrency 'pig butchering' scam wrecks Kansas bank, sends ex-CEO to prison for 24 years
The massive embezzlement led to the collapse and FDIC takeover of Heartland Tri-State, one of only five U.S. banks that failed in 2023.
https://www.nbcnews.com/business/business-news/cryptocurrency-pig-butchering-scam-wrecks-kansas-bank-sends-ex-ceo-pri-rcna167642 https://www.nbcnews.com/business/business-news/cryptocurrenc...
- caminante 2y agoWild story. This is more perverse than rugpulls (i.e., $libra). I'd blame the bank staff just as much as the CEO. No controls, signing off on wire transfers above material thresholds...I assume that Board and bank officers will get reamed for gross negligence and willful misconduct. Those can pierce liability caps and insurance.