Chinese Crypto Fraudster Miles Guo Sentenced to 30 Years Over $1 Billion Himalaya Coin Scam

Chinese businessman and self-exiled billionaire Miles Guo, the founder of the fraudulent cryptocurrency project Himalaya Coin, has been sentenced to 30 years in prison by a U.S. federal judge after being convicted on multiple criminal charges tied to a massive investment fraud scheme.

Guo, 55, who is also known as Ho Wan Kwok and by several other aliases, was found guilty in 2024 of crimes including racketeering, fraud, and money laundering. Prosecutors said he orchestrated a network of interconnected financial scams over a five-year period that defrauded thousands of investors in the United States and around the world of more than $1 billion.

One of the most prominent schemes involved Himalaya Coin, also known as H-Coin, a cryptocurrency Guo promoted in 2021. He allegedly claimed the digital token was backed 20% by gold and assured investors that any losses would be fully reimbursed. Those promises helped attract roughly $500 million from investors, according to U.S. authorities, despite the token having no legitimate financial backing.

Deputy U.S. Attorney Sean Buckley said Guo exploited the trust of thousands of victims after arriving in the United States, using deception and false promises to enrich himself instead of pursuing legitimate business opportunities.

In addition to the prison sentence, Guo has been ordered to forfeit nearly $900 million in proceeds linked to the fraud. Authorities also seized several high-value assets, including a luxury mansion in New Jersey and an extensive collection of exotic vehicles such as a Rolls-Royce Phantom and a Bugatti.

Guo was arrested in 2023 and was also known for his close ties to Steve Bannon, a former strategist to President Donald Trump. In 2020, Bannon was arrested aboard Guo's 150-foot yacht in connection with a separate federal fundraising fraud case. President Trump later granted Bannon a pardon in 2021 on those federal charges. However, Bannon later faced prosecution at the state level, where he pleaded guilty in 2025 and ultimately avoided a prison sentence.

The sentencing marks one of the most significant outcomes in a major cryptocurrency fraud case, underscoring the U.S. government's continued crackdown on digital asset scams and investment fraud targeting retail investors worldwide.