Chinese businessman Miles Guo, also known as Ho Wan Kwok, was sentenced to 30 years in prison for orchestrating a fraudulent crypto venture called Himalaya Coin (H-Coin). Guo, a self-exiled billionaire with ties to former Trump strategist Steve Bannon, was convicted in 2024 on charges including racketeering, fraud, and money laundering. He claimed H-Coin was 20% backed by gold and promised to cover 100% of investment losses, defrauding thousands of victims out of over $1 billion over five years. Guo's schemes also included other interrelated frauds, netting him $500 million in crypto investments alone. He was ordered to forfeit nearly $900 million, a New Jersey mansion, and luxury cars. Bannon, who was arrested on Guo's yacht in 2020 for a separate fraud case, later pleaded guilty in 2025 but avoided prison. The case highlights ongoing risks in unregulated crypto investments and the legal consequences for high-profile fraudsters.

Key facts

• Miles Guo sentenced to 30 years for fraud, money laundering, and racketeering.
• His H-Coin crypto project defrauded victims of over $1 billion.
• Guo claimed H-Coin was 20% gold-backed and promised full loss coverage.
• He was ordered to forfeit $900M, a mansion, and luxury cars.
• Steve Bannon, arrested on Guo's yacht in 2020, pleaded guilty in 2025.