
The ex-CEO of a small bank reportedly sent shockwaves through a small American community when he fell for an elaborate crypto scam, causing over $47 million in damages and wiping out generational wealth. In August of last year, Shan Hanes, the former CEO of Heartland Tri-State Bank (HTSB) in Elkhart, Kansas, was sentenced to 24 years in prison for funneling the bank’s money into a cryptocurrency scheme that turned out to be a blatant scam. The Justice Department said that Hanes had fallen victim to a pig butchering scheme, a widespread type of scheme where scammers build relationships with their targeted victims to lure them into making fraudulent investments. A new report from the New York Times details how the collapse of the bank – in which many townspeople held investments – affected the community. In July of 2023, the Kansas banking commissioner showed up at the bank to announce that the lender would be shut down and transferred over to a new company. While the deposits were insured, shares of HTSB had become completely worthless, erasing many of Elkhart residents’ retirements, savings and emergency funds. Jim Tucker, who served on HTSB’s board with his father, described how Hanes repeatedly convinced his colleagues and the community to keep borrowing money to “invest” in the scam. The Tucker family lost $1.4 million worth of HTSB shares, wealth that was meant to be passed on to their children. A pair of brothers, Moe and John Houtz, lost hundreds of thousands of dollars from HTSB’s collapse. And Hanes himself drained his own personal savings, then began stealing directly from his local investment club, his church and from HTSB’s reserves. Says U.S. Attorney Kate E. Brubacher, “Hanes’ greed knew no bounds. He trespassed his professional obligations, his personal relationships, and federal law. Not only did Shan Hanes betray Heartland Bank and its investors, but his illegal schemes also jeopardized confidence in financial institutions.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Kansas Town Rocked by Former Banker Who Was Duped by $47,100,000 Crypto Scam: Report appeared first on The Daily Hodl .
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SEC Shuts Down Robinhood Investigation Without Pursuing Enforcement Action

The top securities regulator in the United States is dropping its investigations into leading retail trading app Robinhood. According to a new announcement from Robinhood, the U.S. Securities and Exchange Commission (SEC) is dropping its investigation into the trading app less than a year after sending the firm a Wells Notice. The SEC sent Robinhood a Wells Notice , a formal warning of investigation, in May of last year despite Robinhood CEO Vlad Tenev’s claims that the firm met with the regulator over 15 times “in good faith”. “We tried to create what’s called the special purpose broker-dealer for the purpose of transacting crypto assets. We actually came in good faith to meet with the SEC. I think we met with them 16 times and, unfortunately, that was not reciprocated.” Now, with the charges dropped, Robinhood calls for the SEC to regulate with regulations as opposed to enforcement actions. Says Dan Gallagher, Robinhood’s chief legal, compliance and corporate affairs officer, on the SEC’s decision to drop charges, “We applaud the staff’s decision to close this investigation with no action. Let me be crystal clear—this investigation never should have been opened. Robinhood Crypto always has and will always respect federal securities laws and never allowed transactions in securities. As we explained to the SEC, any case against Robinhood Crypto would have failed. We appreciate the formal closing of this investigation, and we are happy to see a return to the rule of law and commitment to fairness at the SEC.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post SEC Shuts Down Robinhood Investigation Without Pursuing Enforcement Action appeared first on The Daily Hodl . The Daily Hodl

Revolutionary Claude 3.7 Sonnet: Anthropic Unveils Breakthrough Hybrid AI Model with Limitless Thinking
In the fast-paced world of artificial intelligence, where innovation is the name of the game, Anthropic has just dropped a bombshell. Imagine an AI that doesn’t just spit out quick answers, but actually takes its time, ponders, and ‘thinks’ deeply about your questions. That’s precisely what Anthropic’s new AI model , Claude 3.7 Sonnet, promises to deliver. For crypto enthusiasts and tech-savvy individuals who understand the power of sophisticated algorithms, this development is a game-changer. Let’s dive into why Claude 3.7 Sonnet is making waves and what it means for the future of AI interactions. Unveiling Claude 3.7 Sonnet: A New Era of AI Reasoning Model Anthropic is calling Claude 3.7 Sonnet the industry’s first “hybrid AI reasoning model .” But what exactly does that mean? Unlike typical AI models that offer a single approach to answering questions, Claude 3.7 Sonnet is designed to be versatile. It can provide both rapid, real-time responses and more considered, in-depth answers, depending on what you need. This is a significant leap forward, moving away from the often confusing model selection process that users currently face with many AI chatbots. Here’s a breakdown of what makes Claude 3.7 Sonnet stand out: Hybrid Reasoning: This innovative design allows the AI model to switch between quick and deep thinking modes within a single model. No more choosing between different models for different levels of complexity. User-Controlled Reasoning: You get to decide whether to activate the model’s “reasoning” abilities. This control lets you tailor the AI’s approach to the task at hand, whether you need a fast answer or a thoroughly considered one. Simplified User Experience: Anthropic aims to streamline AI interaction. Instead of overwhelming users with numerous model options, Claude 3.7 Sonnet offers a unified solution that adapts to various needs. How Does Anthropic’s Revolutionary Hybrid AI Reasoning Model Work? The core concept behind Claude 3.7 Sonnet is to mimic human-like thinking processes. Traditional AI models often rely on pattern recognition and quick data retrieval. However, reasoning models like Claude 3.7 Sonnet take a different approach. They break down complex problems into smaller, manageable steps. This process, inspired by deductive reasoning, allows the AI to explore different angles, consider various possibilities, and ultimately arrive at a more accurate and nuanced answer. Think of it like this: Feature Traditional AI Models Claude 3.7 Sonnet (Hybrid Reasoning Model) Reasoning Approach Direct, pattern-based response Step-by-step problem decomposition Thinking Time Fast, immediate answers Variable, user-controlled ‘thinking’ duration Model Selection Multiple models for different tasks Single, versatile hybrid model Output Quality Good for simple queries Enhanced accuracy and nuance for complex questions This method is especially beneficial for tasks requiring in-depth analysis, such as complex coding problems or intricate strategic planning. For those in the crypto space dealing with complex market analysis or smart contract development, the potential of a robust reasoning model is immense. Claude 3.7 Sonnet vs. The Competition: Pricing and Performance Benchmarks While Claude 3.7 Sonnet boasts impressive capabilities, it’s essential to consider its cost and performance relative to other AI models in the market. Anthropic has priced Claude 3.7 Sonnet at $3 per million input tokens and $15 per million output tokens. Let’s see how this stacks up against competitors like OpenAI and DeepSeek: Model Input Tokens (per 1M) Output Tokens (per 1M) Type Claude 3.7 Sonnet $3.00 $15.00 Hybrid Reasoning OpenAI o3-mini $1.10 $4.40 Reasoning Model DeepSeek R1 $0.55 $2.19 Reasoning Model Claude 3.7 Sonnet is positioned as a premium offering, reflecting its hybrid nature and advanced capabilities. While models like o3-mini and R1 are cheaper, they are strictly reasoning models and lack the hybrid versatility of Claude 3.7 Sonnet. Anthropic argues that the enhanced performance and flexibility of their AI model justify the higher price point, especially for users who need a comprehensive AI solution. Performance benchmarks further support Anthropic’s claims: SWE-Bench (Real-world coding tasks): Claude 3.7 Sonnet achieved 62.3% accuracy, outperforming OpenAI’s o3-mini (49.3%). TAU-Bench (Simulated retail interaction): Claude 3.7 Sonnet scored 81.2%, surpassing OpenAI’s o1 model (73.5%). These results indicate that Claude 3.7 Sonnet excels in real-world applications, particularly in complex tasks that demand robust reasoning and adaptability. Anthropic’s Vision: AI That Thinks Like You, But Better? Anthropic AI isn’t just aiming for incremental improvements; they’re envisioning a future where AI seamlessly integrates into our daily lives, understanding our needs and adapting to them intuitively. Diane Penn, Anthropic’s product and research lead, highlighted this vision, stating that eventually, Claude should automatically determine the optimal “thinking” time for each question, much like humans do. This approach is reflected in Claude 3.7 Sonnet’s “visible scratch pad” feature. Users can actually see Claude’s thinking process for most prompts, offering unprecedented transparency into how the AI model arrives at its conclusions. While some parts of the process might be redacted for safety reasons, this level of visibility builds trust and provides valuable insights into the AI’s reasoning. Claude Code: An Agentic Coding Tool for Developers Alongside Claude 3.7 Sonnet, Anthropic AI is also launching Claude Code, an agentic coding tool currently in research preview. This tool is designed to empower developers by allowing them to interact with Claude directly from their terminal. Imagine being able to: Analyze Codebases: Use simple English commands to understand project structures. Modify Code: Make changes to codebases using natural language instructions. Automate Tasks: Test for errors and push code to repositories directly through Claude Code. Claude Code promises to streamline the development process, making it more efficient and accessible. For developers in the crypto space working on blockchain projects, smart contracts, or decentralized applications, this tool could significantly enhance productivity and simplify complex coding tasks. The Road Ahead: Anthropic Leading the AI Revolution? Anthropic AI is making a bold move by releasing Claude 3.7 Sonnet and Claude Code. In a market where new AI models are constantly emerging, Anthropic is aiming to lead the pack, shifting from a historically cautious approach to a more assertive stance. However, the competition is fierce. OpenAI is expected to release its own hybrid AI model soon, as hinted by CEO Sam Altman. The race for AI supremacy is heating up, and Anthropic’s latest innovations are a clear signal that they are ready to compete at the highest level. The question remains: Can Anthropic maintain its lead? With Claude 3.7 Sonnet’s groundbreaking hybrid reasoning capabilities and Claude Code’s developer-centric tools, Anthropic AI is certainly positioning itself as a major player in the AI revolution. For those in the cryptocurrency and broader tech world, keeping a close eye on Anthropic’s advancements is crucial, as they are shaping the future of how we interact with artificial intelligence. To learn more about the latest AI market trends, explore our article on key developments shaping AI features. The Daily Hodl