U.S. court sentences Miles Guo in $1 billion fraud case

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Miles Guo sentenced in fraud case

Highlights

Miles Guo, also known as Ho Wan Kwok, received a 30-year U.S. prison sentence in 2024 for orchestrating $1 billion in fraud schemes involving H-Coin.
Guo was ordered to forfeit nearly $900 million, a New Jersey mansion, and luxury vehicles, following a conviction on racketeering, fraud, and money laundering charges.
The high-profile case, linked to Guo's ties with Steve Bannon, increases regulatory scrutiny on U.S. digital asset offerings amid concerns about unsupported claims and investor protections.

Sentence follows 2024 fraud conviction

As first reported by CoinDesk, the U.S. court imposed the 30-year prison term on Guo, also known as Ho Wan Kwok, after jurors found him guilty in 2024 on charges including racketeering, fraud and money laundering.

Prosecutors say Guo promoted the token known as H-Coin in 2021 by telling potential buyers it was 20% backed by gold and that the venture would cover all investment losses. Authorities say the token sale brought in about $500 million and formed part of broader, interrelated fraud schemes that stole more than $1 billion from thousands of victims in the U.S. and abroad.

In a statement, Deputy U.S. Attorney Sean Buckley says Guo used lies and deception to enrich himself after gaining the trust of investors. Guo, 55, had lived in self-imposed exile from China and built a public profile in the U.S. through business and political connections.

Asset forfeiture and political ties add to case profile

Beyond the prison sentence, Guo has been ordered to forfeit nearly $900 million in proceeds, his ownership stake in a New Jersey mansion and several luxury vehicles, including a Rolls Royce Phantom and a Bugatti. He ran GTV Media Group and was arrested in 2023 as U.S. authorities advanced the case.

The matter also drew attention because of Guo's close relationship with Steve Bannon, a former strategist to President Donald Trump. Bannon was arrested in 2020 on a 150-foot yacht owned by Guo in a separate fundraising case, later received a presidential pardon at the federal level in 2021, and then pleaded guilty in a state case in 2025 while avoiding prison.

The outcome adds to regulatory and criminal pressure on the digital asset sector in the U.S., especially around token offerings that make unsupported claims about reserves, guarantees or investor protection.

In our earlier article, we analyzed Coinbase’s MiCA license from Luxembourg and what it could mean for the company’s ability to offer regulated crypto services across all EU member states. We also noted that despite product and partnership updates, COIN was still trading under technical pressure, with volatility elevated and downside risk favored in the near term.

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