Cryptocurrency

Steve

Billion

<h3 id="key-highlights">Key Highlights</h3>
<ul>
 <li>Miles Guo receives 30-year federal prison sentence</li>
 <li>Orchestrated fraudulent H-Coin cryptocurrency, misleadingly advertised as 20% gold-backed</li>
 <li>Federal prosecutors documented over $1 billion stolen from victims across multiple countries</li>
 <li>Jury found him guilty on charges including racketeering, fraud schemes, and money laundering operations</li>
 <li>Court orders forfeiture of approximately $900 million, plus New Jersey estate and high-end automobiles</li>
</ul>
Exiled Chinese businessman Miles Guo will spend the next three decades behind bars after a federal judge imposed a 30-year prison term for his role in orchestrating a sprawling $1 billion fraudulent operation that included a bogus cryptocurrency venture.
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 <blockquote class="twitter-tweet">
 Chinese Exile Guo Wengui Gets 30 Years in $1 Billion Fraud Case
 The Associated Press reported that Guo Wengui, a self-exiled Chinese businessman, was sentenced by a Manhattan federal court to 30 years in prison over a large-scale financial fraud. Prosecutors said Guo raised more… <a href="https://t.co/i6Qc2hqr6F" rel="noopener noreferrer nofollow">pic.twitter.com/i6Qc2hqr6F</a>
 — Wu Blockchain (@WuBlockchain) <a href="https://x.com/WuBlockchain/status/2071823340227236237?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 30, 2026</a>
 </blockquote>
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The sentencing took place in a New York federal courthouse after Guo was found guilty in 2024 on multiple counts, including racketeering conspiracy, wire fraud, and money laundering.
Operating under both his birth name Ho Wan Kwok and the alias Miles Guo, the 55-year-old defendant escaped China in 2017. He subsequently transformed his public image into that of an outspoken opponent of Beijing’s ruling Communist Party, cultivating a substantial audience among Chinese diaspora communities across America.
Federal authorities documented how he exploited this platform to perpetrate multiple fraudulent operations spanning 2018 through 2023.
Central to his criminal enterprise was the Himalaya Coin cryptocurrency project, marketed under the abbreviated name H-Coin. Guo falsely represented to prospective investors that the digital token maintained a 20% backing in <a href="https://coincentral.com/golds-worst-quarter-in-over-a-decade-whats-driving-the-crash/" rel="noopener noreferrer nofollow">gold</a> reserves and promised full reimbursement for any investment losses. Both representations were completely fabricated.
The H-Coin scheme alone generated approximately $500 million in illicit proceeds. When combined with his additional fraudulent ventures, federal prosecutors calculated the aggregate theft exceeded $1 billion.
Presiding Judge Analisa Torres condemned Guo for exploiting individuals who “sought to bring democracy to China,” diverting their contributions to finance an extravagant personal existence.
His ill-gotten gains funded a 50,000 square foot residential estate, a luxury yacht valued at $37 million, a Lamborghini worth $1 million, and a Bugatti supercar.
<h3 id="ties-to-former-trump-adviser-steve-bannon">Ties to Former Trump Adviser Steve Bannon</h3>
Guo maintained significant connections with Steve Bannon, who previously served as a senior adviser to <a href="https://coincentral.com/trumps-crypto-income-tops-1-4-billion-in-2025-outpacing-stocks-and-real-estate/" rel="noopener noreferrer nofollow">President Donald Trump.</a>
The pair regularly co-hosted online broadcasts and video content together. During 2020, they jointly established the New Federal State of China initiative, an organization dedicated to toppling the Chinese Communist Party’s government.
That identical year saw Bannon’s arrest aboard Guo’s 150-foot luxury yacht docked off Connecticut’s coast. Federal authorities charged him in an unrelated fraud investigation concerning a crowdfunding operation purportedly raising money for border wall construction between the United States and Mexico.
Trump issued a presidential pardon clearing Bannon of those federal criminal charges during the closing hours of his initial presidential administration. Bannon subsequently entered a guilty plea to state-level charges in 2025, receiving a conditional discharge that allowed him to avoid incarceration.
Authorities arrested Guo in 2023. The court has mandated he surrender nearly $900 million in fraudulently obtained assets, along with his New Jersey mansion and collection of luxury automobiles.
<h3 id="defense-plans-appeal-process">Defense Plans Appeal Process</h3>
<blockquote>
 Deputy US Attorney Sean Buckley declared in an official statement: “Miles Guo orchestrated a massive criminal enterprise designed to defraud more than $1 billion through systematic lies and deception targeting thousands of American citizens and victims spanning the globe.”
</blockquote>
Guo’s defense attorney, Melinda Sarafa, characterized the 30-year prison term as “disproportionate and excessive.” She argued the sentence overlooks testimony from thousands of investors who maintain they were not victims of fraud.
Guo continues to assert his innocence and has announced intentions to challenge both the jury’s guilty verdict and the judge’s sentencing determination through the appeals process.
The courtroom reached maximum capacity with Guo’s supporters present when Judge Torres announced the sentence.
The post <a href="https://blockonomi.com/miles-guo-receives-30-year-prison-term-for-orchestrating-1-billion-cryptocurrency-scam/" rel="noopener noreferrer nofollow">Miles Guo Receives 30-Year Prison Term for Orchestrating $1 Billion Cryptocurrency Scam</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.

Miles Guo Receives 30-Year Prison Term for Orchestrating $1 Billion Cryptocurrency Scam

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