U.S. court sentences Chinese billionaire to 30 years in prison for crypto fraud
A U.S. court has sentenced Chinese billionaire Guo Wengui, also known as Miles Guo, to 30 years in prison in a cryptocurrency fraud case. According to prosecutors, the businessman orchestrated a scheme that caused investors to lose hundreds of millions of dollars.
Federal Judge Analisa Torres also ordered the forfeiture of Guo's assets and directed him to pay $889 million in restitution to victims, according to court filings.
After leaving China more than a decade ago, Guo presented himself as a critic of the Chinese Communist Party and built a large following among the Chinese diaspora.
According to prosecutors, he exploited the trust of his supporters by persuading them to invest in projects under his control, including cryptocurrency ventures.
Prosecutors estimate losses exceeded $1 billion
Guo was arrested in March 2023. The U.S. Department of Justice said he operated a fraud scheme that stole more than $1 billion from thousands of investors.According to the department, Guo raised more than $262 million through the Himalaya Exchange crypto ecosystem alone.
In July 2024, a federal jury found Guo guilty on nine counts of fraud and conspiracy. Prosecutors said he promised investors high returns while spending their money on a mansion, luxury cars, and other high-end purchases.
SEC also filed charges
In addition to the criminal case, the U.S. Securities and Exchange Commission (SEC) charged Guo and his financial adviser, William Je, in 2023.The regulator alleged they raised hundreds of millions of dollars through the sale of H-Coin (Himalaya Coin) and other investment projects while misleading investors about their prospects.
U.S. regulators continue to pursue enforcement actions against crypto-related fraud.
Recently, a federal court ruled in favor of the SEC in the NanoBit case, ordering four entities and two individuals to pay more than $5.4 million. According to the regulator, they used social media between 2023 and 2024 to attract investors to a fake trading platform and fraudulent investment schemes.
Earlier, a New York court sentenced a defendant in a separate crypto fraud case to 15 months in prison for participating in a $1.4 million scheme. Prosecutors said the perpetrators misled investors and solicited funds under the guise of digital asset investments.
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