Key Takeaways
- Miles Guo receives a three-decade prison sentence from a federal court
- The scheme centered on H-Coin, a cryptocurrency falsely marketed as having 20% gold backing
- Federal authorities estimate he defrauded victims of more than $1 billion globally
- Conviction includes charges of racketeering, fraud conspiracy, and money laundering
- Court orders forfeiture of approximately $900 million plus real estate and exotic cars
Miles Guo, a Chinese exile-turned-businessman, will spend the next three decades behind bars after a federal judge sentenced him for orchestrating a billion-dollar fraud operation that prominently featured a bogus cryptocurrency venture.
The sentencing came from a New York federal court after Guo was found guilty in 2024 on multiple counts including racketeering conspiracy, fraud, and money laundering.
Operating under the alias Ho Wan Kwok, the 55-year-old businessman escaped China in 2017 and subsequently positioned himself as an outspoken opponent of Beijing’s communist government, cultivating a substantial audience within Chinese expatriate circles across America.
Federal prosecutors detailed how Guo exploited his newfound platform to execute multiple fraudulent investment operations spanning from 2018 through 2023.
Central to his criminal enterprise was Himalaya Coin, marketed under the abbreviation H-Coin. Guo promoted the digital asset to prospective investors with false promises that it maintained a 20% gold reserve and guaranteed full reimbursement for any losses. Both assertions were completely fabricated.
The H-Coin operation alone generated approximately $500 million in fraudulent proceeds. When combined with his other deceptive ventures, federal prosecutors calculated total victim losses exceeding $1 billion.
Judge Analisa Torres condemned Guo for exploiting individuals “seeking to bring democracy to China,” diverting their investments to bankroll an extravagant personal life.
His ill-gotten wealth financed a sprawling 50,000 square foot estate, a yacht worth $37 million, a Lamborghini valued at $1 million, and a Bugatti sports car.
Ties to Former White House Strategist
Guo maintained significant connections with Steve Bannon, who previously served as a senior adviser to President Donald Trump.
The pair regularly collaborated on streaming broadcasts and video content. During 2020, they jointly established the New Federal State of China initiative, an organization dedicated to toppling Beijing’s communist regime.
That same year, federal agents apprehended Bannon aboard Guo’s 150-foot luxury yacht docked in Connecticut waters. The charges involved a different fraud scheme related to fundraising efforts for constructing a US-Mexico border barrier.
Trump issued a presidential pardon clearing Bannon of those federal accusations during his administration’s closing hours. Bannon subsequently entered a guilty plea to related state-level charges in 2025, receiving a conditional discharge that kept him out of prison.
Authorities arrested Guo in 2023. The court has mandated he surrender nearly $900 million in fraudulent proceeds, along with his New Jersey residential property and collection of high-end automobiles.
Defense Announces Appeal Plans
Deputy US Attorney Sean Buckley stated: “Miles Guo led a massive scheme to steal more than $1 billion through lies and deception from thousands of Americans and victims around the world.”
Defense attorney Melinda Sarafa characterized the 30-year term as “excessive,” arguing it overlooks testimony from thousands of investors who maintain they were not victimized.
Guo continues to assert his innocence and intends to challenge both his guilty verdict and the sentence through the appeals process.
The courtroom was filled to capacity with his supporters present for the sentencing hearing.
