The Intelligence from The Economist Scam Inc 1: Pigs in a barrel
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Feb 8, 2025 
Shane Haynes, former CEO of Heartland Tri-State Bank, shares his harrowing experience as a victim of a pig butchering scam, which led to the bank's collapse. Jim Tucker, a board member and local farmer, reflects on the community's shock and disbelief as over $47 million vanished. They explore the psychological manipulation behind such scams and the emotional toll on victims, illustrating how trust can be exploited in both finance and personal relationships. Their stories underscore the broader implications of trust in isolated communities.
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Bank Collapse in Kansas
- Heartland Tri-State Bank CEO, Shane Haynes, wired $47.1 million to a cryptocurrency exchange, leading to the bank's collapse.
- Initially, Haynes claimed the money was locked up in cryptocurrency investments but later admitted to being scammed.
Evolving Scams
- Online scams are evolving, becoming more sophisticated and larger in scale than traditional schemes.
- The collapse of the Kansas bank highlights a vast criminal industry operating globally.
Pig Butchering
- The term "pig butchering" describes a scam where the target is "fattened up" with attention and promises before being financially exploited.
- In 2023, Americans lost billions to these scams, with the actual figure likely much higher.