The CEO of Heartland Tri-State Bank involved in the "pig butchering" case had their Ethereum address frozen by Tether, and shareholders received full compensation

ChainCatcher news, former Heartland Tri-State Bank CEO Shan Hanes was sentenced to 293 months in prison for embezzling $47 million in a "pig butchering" scheme.

The ruling stated that Hanes relinquished ownership of the funds in the Ethereum address managed by Tether Limited. Tether blacklisted the address and froze its transaction permissions to protect investors' rights.

Judge John W. Broomes confirmed that all shareholders will receive full compensation. Meanwhile, the Federal Deposit Insurance Corporation (FDIC) also provided full protection for the bank's depositors.