Chinese Billionaire Guo Wengui Sentenced to 30 Years in Crypto Fraud Scheme

Guo Wengui, a Chinese billionaire known as Miles Guo, has been sentenced to 30 years in prison by a U.S. court for orchestrating a cryptocurrency fraud scheme that resulted in investors losing hundreds of millions of dollars.

The scam targeted his supporters among the Chinese diaspora, who had placed their trust in him after he presented himself as a critic of the Chinese Communist Party.

Prosecutors estimated that Guo's scheme caused losses exceeding $1 billion and that he raised more than $262 million through the Himalaya Exchange crypto ecosystem alone.

The U.S. Department of Justice said Guo used his investors' money to fund high-end purchases, including a mansion and luxury cars.