A U.S. federal judge sentenced self-exiled Chinese billionaire Miles Guo to 30 years in prison on Monday, ordering him to forfeit $889 million for orchestrating a fraud scheme that prosecutors say stole more than $1 billion from investors through multiple ventures, including a cryptocurrency exchange.
Judge Analisa Torres of the Southern District of New York handed down the sentence following a July 2024 jury conviction on nine counts of fraud and conspiracy. Prosecutors accused Guo of raising money from hundreds of thousands of online followers by presenting himself as a Chinese Communist Party critic while peddling fake investment opportunities tied to his businesses.
Himalaya Exchange Raked In $262M
One key venture was the Himalaya Exchange, a cryptocurrency platform that collected over $262 million from victims. According to the U.S. Department of Justice, Guo later diverted investor funds to buy luxury assets including a mansion and high-end vehicles. The exchange also issued a token called Himalaya Coin (H Coin), which Guo falsely claimed was backed by gold, the Securities and Exchange Commission alleged in a separate civil case.
The SEC charged Guo and his financial adviser William Je in March 2023 with raising hundreds of millions through an unregistered crypto asset. The regulator seeks permanent injunctions, civil penalties, and disgorgement of ill-gotten gains. On the same day, the Justice Department filed a 12-count indictment including securities fraud, wire fraud, and money laundering. Authorities seized about $634 million from 21 bank accounts linked to the probe.
China Cracks Down on Crypto Money Laundering
Meanwhile, Chinese authorities also stepped up enforcement. The Supreme People's Procuratorate said on June 25 that prosecutors charged more than 1,200 people with drug-related money laundering from January 2025 to May 2026, including cases involving cryptocurrencies. This came after China sentenced a convicted drug trafficker to death for laundering over 48 million yuan ($7 million) through crypto as part of a cross-border narcotics operation.