Guo Wengui sentenced to 30 years for crypto fraud

Guo Wengui received 30 years in U.S. prison for a $1B crypto fraud. He must forfeit $889M after misusing investor funds for luxury spending. Guo denies wrongdoing, citing political motives.

Guo Wengui, also known as Miles Guo, Ho Wan Kwok, and Miles Kwok, was sentenced to 30 years in U.S. prison after being convicted in Manhattan federal court for orchestrating a massive fraud scheme. Between 2018 and 2023, Guo and his associates raised over $1 billion from thousands of investors through entities like GTV Media Group, Himalaya Farm Alliance, G|CLUBS, and the crypto-focused Himalaya Exchange. Prosecutors alleged that Guo promoted fraudulent investments, including Himalaya Coin (H-Coin/HCN), falsely claimed to be partially backed by gold, and Himalaya Dollar (HDO), presented as a stablecoin. The court found that investor funds were misappropriated to finance Guo's extravagant personal spending. Guo was ordered to forfeit approximately $889 million. Authorities described the Himalaya Exchange as a fraudulent ecosystem, making this one of the largest U.S. crypto-related fraud cases. Guo denied any wrongdoing, claiming political persecution, while his supporters argued the case was politically motivated.