Chinese Billionaire Sentenced to 30 Years

Chinese billionaire Miles Guo has been sentenced to 30 years in prison in the United States for orchestrating a financial fraud scheme that defrauded investors of more than $1 billion. The court also ordered the forfeiture of assets worth approximately $889 million.

Guo, also known as Guo Wengui, was found guilty of fraud and conspiracy after raising money from hundreds of thousands of online followers. He promised investors significant returns through several investment projects under his control, including cryptocurrency-related ventures.

One of the most prominent projects was the Himalaya Exchange ecosystem and its digital token, Himalaya Coin. According to the U.S. Department of Justice, the scheme collected more than $262 million from investors. Prosecutors said that part of the funds was used to purchase luxury real estate, high-end vehicles, and other expensive assets.

During his sentencing, Guo claimed he had come to the United States to "bring down the Chinese Communist Party." However, Judge Analisa Torres stated that he had exploited the trust of people who supported democratic change in China and had never fully accepted responsibility for the financial losses suffered by his followers.

In addition to the criminal case, Guo is also facing civil proceedings brought by the U.S. Securities and Exchange Commission (SEC). The regulator alleges that Guo and his adviser, William Je, marketed Himalaya Coin by falsely claiming it was backed by gold and that investors were guaranteed reimbursement for any losses. According to the SEC, a portion of the funds raised was spent on luxury purchases.

The case is part of a broader crackdown on cryptocurrency-related financial crime. Chinese prosecutors recently announced that more than 1,200 people were charged with cryptocurrency-based money laundering between the beginning of 2025 and May 2026.