Self-exiled Chinese billionaire Miles Guo, also known as Guo Wengui, was sentenced to 30 years in U.S. prison on Monday and ordered to forfeit $889 million in restitution after being convicted in a massive fraud scheme that prosecutors said stole more than $1 billion from investors. The sentencing, handed down by U.S. District Judge Analisa Torres, follows a July 2024 jury verdict that found Guo guilty on nine counts including securities fraud, wire fraud, and money laundering.
Central to the fraud was the Himalaya Exchange, a purported cryptocurrency ecosystem that federal authorities said collected over $262 million from victims. Guo also promoted H-Coin (Himalaya Coin), which the SEC later alleged was an unregistered crypto asset falsely marketed as backed by gold. Prosecutors said Guo exploited his position as a vocal critic of the Chinese Communist Party to lure hundreds of thousands of online followers into fake investment schemes.
The Department of Justice charged that Guo used the illicit proceeds to purchase a mansion, luxury vehicles, and other high-end assets. At the sentencing, the judge stated that Guo “preyed” on supporters seeking democracy in China and has taken no responsibility, insisting his actions caused no harm. Separately, the SEC filed civil charges in March 2023 against Guo and his financial adviser William Je for the H-Coin scheme, seeking penalties and recovery of illegal gains; those charges remain pending.
The case highlights continued enforcement against crypto-related financial crime, with authorities having seized approximately $634 million across 21 bank accounts linked to the investigation. Guo is also known for his association with former Trump strategist Steve Bannon, with whom he once announced a controversial anti-China initiative.
