Chinese Exile Guo Wengui Sentenced to 30 Years for $1B Fraud Including Fake Himalaya Coin

According to CoinDesk, Chinese businessman Guo Wengui was sentenced to 30 years in prison in 2024 for orchestrating a $1 billion fraud scheme. A jury had previously found him guilty of racketeering, fraud, and money laundering. The scheme involved the deceptive cryptocurrency project Himalaya Coin (H-Coin), launched in 2021, which claimed 20% gold backing and promised full investor compensation. The fraudulent offering illicitly raised approximately $500 million.

Guo was also ordered to forfeit nearly $900 million in illegal proceeds and surrender multiple assets including his New Jersey mansion and luxury vehicles such as a Rolls-Royce and Bugatti.