Guo Wengui Sentenced to 30 Years in U.S. Prison for $1B+ Crypto Fraud on Monday

According to The Block and multiple media reports, self-exiled Chinese billionaire Guo Wengui, also known as Miles Guo, was sentenced to 30 years in U.S. prison on Monday for orchestrating a fraud scheme involving cryptocurrency that stole over $1 billion from thousands of investors. U.S. District Judge Analisa Torres also ordered Guo to forfeit $889 million in restitution.

Guo was arrested in March 2023 after prosecutors determined he obtained more than $262 million in victim funds through the Himalaya Exchange, a purported cryptocurrency ecosystem. In July 2024, a jury convicted him on nine counts of fraud and conspiracy for soliciting investments through false statements from hundreds of thousands of online followers. The judge noted that Guo "preyed" on those seeking democracy and has taken no responsibility for his actions.