Miles Guo sentenced to 30 years for $1B crypto fraud via Himalaya Exchange and H Coin. The case signals stepped-up enforcement against crypto scams, with SEC and DOJ seizing $634M.
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Self-exiled Chinese billionaire Miles Guo was sentenced to 30 years in a U.S. prison on Monday. U.S. District Judge Analisa Torres handed down the term and ordered Guo to forfeit $889 million, the Department of Justice said.
Prosecutors accused Guo, also known as Guo Wengui, of building a fraud empire that collected more than $1 billion from investors through false promises linked to several ventures. The Himalaya Exchange, a cryptocurrency platform he controlled, alone pulled in over $262 million from victims, according to the DOJ.
Guo told the court he came to the United States "to destroy the CCP." Judge Torres said he had preyed on supporters seeking democracy in China and had continued to deny causing financial harm, the Associated Press reported.
The fraud centered on an unregistered crypto asset called H Coin, or Himalaya Coin. The SEC charged Guo and his financial adviser William Je in March 2023, alleging they falsely said the token was backed by gold and guaranteed investors against losses. In reality, the SEC said, Guo and Je diverted funds to buy a mansion and a Ferrari.
Authorities seized roughly $634 million across 21 bank accounts tied to the probe. The jury found Guo guilty in July 2024 on nine fraud and conspiracy charges.
Je faced obstruction of justice charges in the same indictment, which included counts of securities fraud, wire fraud, investment fraud and money laundering.
Chinese authorities have also stepped up enforcement against crypto-linked financial crime. The Supreme People's Procuratorate said June 25 that prosecutors had charged more than 1,200 people in drug-related money laundering cases between January 2025 and May 2026, including schemes involving cryptocurrencies.
Beijing announced a death sentence for a convicted trafficker who laundered more than 48 million yuan (about $7 million) through crypto in a cross-border narcotics operation.
The timing underscores a widening global pressure on crypto fraud, though Guo's case remains the highest-profile U.S. prosecution of a foreign national using digital assets to bilk followers.
Guo was also known for his association with former Trump strategist Steve Bannon. The pair announced the "New Federal State of China" in 2020, an initiative described as an effort to overthrow the Chinese government.
The SEC continues to pursue permanent injunctions and civil penalties against both Guo and Je. For context, the agency recently won a separate fraud case against NanoBit, securing over $5.5 million in penalties. Read more on that case here.
The 30-year sentence sends a clear signal about the treatment of crypto fraud at the federal level. Prosecutors said Guo spent investor money on luxury assets while presenting himself as a political dissident. The forfeiture order alone covers nearly $900 million in proceeds.
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