Scam Inc from The Economist 1. Pigs in a barrel
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Feb 6, 2025 Jim Tucker, a Kansas farmer and board member of Heartland Tri-State Bank, shares his story of a small-town community shaken by a major scam. He details the alarming downfall of the bank after a staggering $47.1 million was misappropriated in a cryptocurrency scheme. The discussion reveals the emotional and financial devastation caused by pig butchering scams, emphasizing how vulnerability in a seemingly safe environment can lead even the strongest individuals to fall prey to deception.
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Bank Collapse in Kansas
- Heartland Tri-State Bank CEO, Shane Haynes, wired $47 million to a cryptocurrency exchange.
- The bank collapsed, impacting local shareholders who relied on the dividends.
The Rise of Online Scams
- Online scams are becoming increasingly sophisticated and larger in scale.
- They now rival the illicit drug trade in size, impacting individuals and institutions globally.
Pig Butchering Explained
- "Pig butchering" scams involve building trust with victims before defrauding them.
- This tactic, originating in China, is used to "fatten up" targets before taking everything they have.