Golden Finance reported that Shan Hanes, former CEO of Heartland Tri-State Bank, admitted on Thursday to embezzling $47.1 million for personal cryptocurrency purchases, leading to the bank's collapse. From May to July 2023, Hanes made at least 10 wire transfers from the bank in Elkhart to cryptocurrency accounts. The bank's closure resulted in complete loss of investors' equity. The Kansas Banking Commission seized the bank, which was later acquired by Dream First Bank. US prosecutor Kate E. Brubacher described Hanes as a "fraudster and a master manipulator," and he could face up to 30 years in prison. His sentencing is scheduled for August 8, 2024.

TrueFi, a decentralized credit protocol, has announced its intention to introduce the Trinity protocol on the Base blockchain, which will use a USD-based TRI token backed by collateralized assets to make it easier for users to access leverage and hedge risk. It is reported that Trinity will be launched on the Optimism Sepolia testnet, and after the review is completed, the initial users will be selected, and the TRI minting cap of the released version is expected to be $40 million. （Cointelgraph）

Shan Hanes, former CEO of Heartland Tri-State Bank in Kansas, USA, is accused of misappropriating $47.1 million to buy Crypto Assets. Hanes, 52, has held leadership positions with the Kansas Bankers Association and is a champion of community banks, having testified before Congress on several occasions to attest to the importance of community banks. [Bloomberg]

Odaily Planet Daily News According to Bloomberg, people familiar with the matter revealed that before Heartland Tri-State Bank in Kansas, USA, went bankrupt on July 28, the bank’s CEO Shan Hanes was suspected of encountering a crypto scam of at least US$12 million. People familiar with the matter said that on July 5, Shan Hanes asked one of his clients if he could lend him $12 million so that he could withdraw the money from cryptocurrency investments. He promised to pay back the money in 10 days and pay $1 million. interest in return. Hanes said someone he knew was helping him invest in cryptocurrencies, but there was a problem with the wire transfer, so he needed to invest more money, at least some of which went to an entity in Hong Kong. The customer refused to help, telling Hanes it sounded like a crypto scam and "if you want your money back you should go to Hong Kong to get it." A week later, after learning that Hanes had wired $12 million, the client told a Heartland board member about the incident and asked the bank if there might be any exposure. A bank representative then went to the regulator. Hanes has not been accused of wrongdoing and did not respond to detailed inquiries. It is reported that on July 28, local time, Heartland Tri-StateBank was ordered to close by the Kansas Bank Commissioner’s Office and was subsequently taken over by the Federal Deposit Insurance Corporation (FDIC). The FDIC's statement shows that as of March 31, 2023, Heartland Tri-State Bank had total assets of approximately $139 million and total deposits of approximately $130 million. The FDIC estimates that the Deposit Insurance Fund (DIF) will cost $54.2 million. It is reported that this is the fifth bank bankruptcy case in the United States this year.

PANews, September 27, according to Bloomberg, people familiar with the matter revealed that before the bankruptcy of Heartland Tri-State Bank in Kansas, USA, on July 28, the bank’s CEO Shan Hanes was suspected of encountering a crypto scam of at least US$12 million. . People familiar with the matter said that on July 5, Shan Hanes asked one of his clients if he could lend him $12 million so that he could withdraw the money from cryptocurrency investments. He promised to pay back the money in 10 days and pay $1 million. interest in return. Hanes said someone he knew was helping him invest in cryptocurrencies, but there was a problem with the wire transfer, so he needed to invest more money, at least some of which went to an entity in Hong Kong. The customer refused to help, telling Hanes it sounded like a crypto scam and "if you want your money back you should go to Hong Kong to get it." A week later, after learning that Hanes had wired $12 million, the client told a Heartland board member about the incident and asked the bank if there might be any exposure. A bank representative then went to the regulator. Hanes has not been accused of wrongdoing and did not respond to detailed inquiries. It is reported that on July 28, local time, Heartland Tri-State Bank was ordered to close by the Kansas Bank Commissioner’s Office and was subsequently taken over by the Federal Deposit Insurance Corporation (FDIC). The FDIC's statement shows that as of March 31, 2023, Heartland Tri-State Bank had total assets of approximately $139 million and total deposits of approximately $130 million. The FDIC estimates that the Deposit Insurance Fund (DIF) will cost $54.2 million. It is reported that this is the fifth bank bankruptcy case in the United States this year.

Golden Finance reported that Shan Hanes, CEO of Heartland Tri-State Bank, a small bank in Elkhart County in northern Indiana, met with one of his richest clients on July 5 to cover up a cryptocurrency scam. Hanes Asked to borrow $12 million from the client to cash out his cryptocurrency investments, promising to pay back the money in 10 days and offering $1 million in interest, the client refused to help. About a week later, after the client learned from a bank clerk that Hanes had wired his $12 million, the client went to a member of Heartland's board of directors and told the director about his meeting with Hanes. , and asked the bank whether there might be a risk, and bank representatives then went to the regulator. On July 28, a local bank regulator's office declared Heartland bankrupt and closed it.

According to news from PANews on June 22, Circle Internet Financial, a stablecoin issuer, has begun to purchase U.S. Treasury bonds as part of USDC reserve assets. During the U.S. debt-ceiling standoff last month, the company sold all U.S. Treasuries. The Circle Reserve Fund (USDXX), managed by asset management giant BlackRock, has begun "directly holding U.S. Treasuries," Chief Financial Officer Jeremy Fox-Geen said on a conference call Wednesday. Fox-Geen added that the fund will also maintain repurchase agreements (repos) as part of its USDC reserves. Last month, Circle adjusted the structure of USDC’s reserve assets to protect USDC from a potential U.S. debt default. Chief Executive Jeremy Allaire said in early May that the company would hold no Treasuries maturing beyond the end of this month. As of June, the reserve fund had transferred all assets to a tri-party repo involving systemically important banks including Goldman Sachs, BNP Paribas, Bank of America and Royal Bank of Canada. Circle added $2.2 billion in U.S. Treasuries to the fund as of June 20, while repurchase agreements make up about 90% of the fund’s reserve assets, according to BlackRock’s website. Fox-Geen said the company also has $3.5 billion in bank deposits, of which "the vast majority, more than 90 percent" is deposited with BNY Mellon.

According to IT House citing foreign media carscoops, Toyota recently released an AIGC (generated AI)-based tool that helps employees design car shapes faster. The tool, developed by the Toyota Research Institute (TRI), will be used in the early stages of the creative process. Specifically, it can turn suggestive text content into a rendering that can then be picked and refined by human designers. It is reported that the purpose of the tool "is not to completely replace human designers and design a new car completely independently", but to complete the draft according to the requirements of the designer when generating images. For example, considering the chassis size, drag coefficient and other factors, these factors will have an impact on the fuel economy, handling, safety and even ergonomics of the new car. Avinash Balachandran, director of the Human Interactive Driving (HID) Division at the Toyota Research Institute, said, "Although AIGC is often used as an inspiration for designers, it still cannot handle complex engineering and safety factors in actual car design. This technology combines Toyota's traditional engineering strengths with state-of-the-art AIGC capabilities."

According to news from PANews on May 18, according to CoinDesk, the stable currency issuer Circle is adjusting the reserve assets used to support USDC in order to deal with the risk of US government debt default. The Circle Reserve Fund, managed by BlackRock, added $8.7 billion in overnight repurchase agreements to its portfolio as of May 16, according to its website. The tri-party repurchase agreement involves banking giants such as BNP Paribas, Goldman Sachs, Barclays and Royal Bank of Canada. A Circle spokesperson wrote in an email: "While the plan has been in the works for several months, the inclusion of these highly liquid assets also provides additional protection for USDC reserves in case of default on US debt." The company's reserve fund has dumped Treasury bills maturing after May 31 in favor of moving assets into cash and overnight repurchase agreements. At the same time, members of the US Congress are discussing raising the debt ceiling with the Biden administration.