Self-exiled Chinese billionaire Miles Guo has been sentenced to 30 years in a U.S. prison after being convicted in a fraud scheme that prosecutors said stole more than $1 billion from investors through multiple ventures, including cryptocurrency.
Summary
- Miles Guo was sentenced to 30 years in a U.S. prison and ordered to forfeit $889 million after his fraud conviction.
- Prosecutors said the scheme raised more than $1 billion from investors through multiple ventures, including the Himalaya Exchange and Himalaya Coin.
- The sentencing comes as crypto related financial crime continues to face tighter enforcement in both the United States and China.
According to multiple media reports, U.S. District Judge Analisa Torres handed down the sentence on Monday and ordered Guo, also known as Guo Wengui, to forfeit $889 million in restitution.
The sentencing follows a July 2024 jury verdict that found Guo guilty on nine fraud and conspiracy charges after prosecutors accused him of raising money from hundreds of thousands of online followers through false investment promises tied to businesses under his control.
Crypto scheme formed part of fraud case
Federal prosecutors had alleged that Guo attracted investors by presenting himself as a critic of the Chinese Communist Party after fleeing China more than a decade ago, while using that reputation to promote fraudulent investment opportunities.
According to the U.S. Department of Justice, one of those ventures was the Himalaya Exchange, a cryptocurrency ecosystem that collected more than $262 million from victims. The department said Guo later spent investor funds on luxury assets, including a mansion and high end vehicles.
Earlier court filings from the DOJ said Guo orchestrated a scheme that defrauded thousands of investors of more than $1 billion after his arrest in March 2023.
At the sentencing hearing, the Associated Press reported that Guo told the court he came to the United States “to destroy the CCP.” AP also reported that Judge Torres said Guo had preyed on supporters seeking democracy in China and had continued to deny causing financial harm.
SEC case remains part of wider enforcement action
Separate from the criminal prosecution, the U.S. Securities and Exchange Commission charged Guo and his financial adviser, William Je, in March 2023 over an alleged fraud that raised hundreds of millions of dollars through an unregistered crypto asset known as H Coin, or Himalaya Coin.
According to the SEC complaint, Guo falsely claimed the token was backed by gold and assured investors they would be reimbursed for any losses. The regulator also accused Guo and Je of diverting investor funds to finance luxury purchases, including a mansion and a Ferrari, while seeking permanent injunctions, civil penalties and the recovery of alleged illegal gains.
The SEC and DOJ announced their actions on the same day in March 2023, with the Justice Department filing a 12-count indictment that included securities fraud, wire fraud, investment fraud and money laundering charges against Guo. William Je was also charged with obstruction of justice, while authorities said they seized about $634 million held across 21 bank accounts linked to the investigation.
Guo is also known for his association with former Donald Trump strategist Steve Bannon. In 2020, the pair announced the New Federal State of China initiative, describing it as an effort to overthrow the Chinese government.
Elsewhere, Chinese authorities have also stepped up enforcement against cryptocurrency-related financial crimes.
China’s Supreme People’s Procuratorate said on June 25 that prosecutors had charged more than 1,200 people for drug related money laundering cases between January 2025 and May 2026, including schemes involving cryptocurrencies.
The disclosure came as China announced a death sentence for a convicted drug trafficker found to have laundered more than 48 million yuan, or about $7 million, through cryptocurrency as part of a cross-border narcotics operation.
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