Chinese businessman Guo Wengui, also known as Miles Guo, was sentenced to 30 years in a U.S. federal prison on Monday for orchestrating a cryptocurrency fraud scheme that prosecutors say stole more than $1 billion from investors. U.S. District Judge Analisa Torres ordered Guo to forfeit $889 million, ruling the funds represented proceeds from the fraudulent operation. The sentencing concludes one of the largest crypto fraud prosecutions in recent years.
Himalaya Exchange and Related Entities Raised Over $262 Million
The U.S. Department of Justice arrested Guo in March 2023, accusing him of running a fraud network that collected over $1 billion from thousands of victims. Investigators identified the Himalaya Exchange as a primary platform used to attract investor funds, alone generating more than $262 million. Other entities cited by prosecutors include GTV Media, the Himalaya Farm Alliance, and G|CLUBS, all alleged to have promoted investments using misleading representations.
A unanimous federal jury convicted Guo in July 2024 on nine fraud and conspiracy counts. Prosecutors said Guo repeatedly assured supporters their investments would deliver exceptional returns while concealing how the funds would actually be used. Court filings stated Guo spent investor money on luxury vehicles, a multimillion-dollar mansion, and other expensive assets, demonstrating a pattern of personal enrichment rather than legitimate business activity.
SEC Files Parallel Civil Action, Court Rejects 'Anti-CCP' Defense
In addition to the criminal case, the U.S. Securities and Exchange Commission filed civil charges against Guo and his financial advisor William Je, alleging they raised hundreds of millions of dollars through the sale of a digital asset marketed as H-Coin (Himalaya Coin). During the sentencing, Guo briefly told the court his reason for coming to the United States was "to destroy the CCP," according to the Associated Press. Judge Torres rejected this defense, saying Guo preyed on people who genuinely wanted democratic change in China and continued refusing to accept responsibility despite evidence of financial harm.
Guo, who built a large following among overseas Chinese communities, also gained notoriety through his relationship with former White House strategist Steve Bannon, with whom he announced the New Federal State of China initiative in 2020. The ruling underscores U.S. enforcement efforts against large-scale cryptocurrency fraud and the legal consequences for using digital asset ventures to solicit investments through misleading claims.