Key Points
- Miles Guo receives 30-year federal prison sentence for massive fraud operation
- The scheme centered on H-Coin, a cryptocurrency falsely advertised as having 20% gold backing
- Federal prosecutors confirmed more than $1 billion stolen from victims across the globe
- Convictions include racketeering conspiracy, fraud, and money laundering charges
- Court orders forfeiture of approximately $900 million, luxury mansion, and high-end automobiles
Miles Guo, a Chinese entrepreneur who fled his home country, has received a 30-year federal prison sentence for orchestrating a massive $1 billion fraud operation that prominently featured a fraudulent cryptocurrency venture.
The sentence was delivered by a federal judge in New York after Guo was found guilty in 2024 on multiple counts including racketeering conspiracy, wire fraud, and money laundering.
Guo, who also goes by the name Ho Wan Kwok, is 55 years old. After escaping China in 2017, he transformed his public image into that of an outspoken opponent of Beijing’s Communist government, amassing significant support within Chinese expatriate communities across America.
Federal prosecutors demonstrated that Guo exploited his follower base to execute multiple fraudulent operations spanning from 2018 through 2023.
Central to these schemes was the Himalaya Coin, commonly referred to as H-Coin. Guo promoted the digital currency to prospective investors by falsely claiming it maintained a 20% gold reserve and guaranteed full protection against investment losses. Both representations were entirely fabricated.
The H-Coin project alone generated approximately $500 million in victim funds. When combined with his additional fraudulent ventures, federal prosecutors documented total losses exceeding $1 billion.
Judge Analisa Torres condemned Guo for exploiting individuals “seeking to bring democracy to China,” diverting their contributions to finance an extravagant personal lifestyle.
His opulent spending included acquiring a 50,000 square foot estate, purchasing a $37 million yacht, buying a $1 million Lamborghini, and owning a Bugatti supercar.
Ties to Steve Bannon
Guo maintained a significant partnership with Steve Bannon, who previously served as a senior adviser to President Donald Trump.
The pair regularly collaborated on online video broadcasts. In 2020, they jointly established the New Federal State of China initiative, an organization dedicated to dismantling the Chinese Communist Party’s regime.
During that same year, authorities apprehended Bannon aboard Guo’s 150-foot yacht while docked in Connecticut waters. He faced separate fraud allegations related to a fundraising effort for constructing a border barrier between the United States and Mexico.
Trump issued a presidential pardon clearing Bannon of those federal charges during the closing hours of his initial presidency. Bannon subsequently entered a guilty plea to related state charges in 2025, receiving a conditional discharge that allowed him to avoid incarceration.
Authorities arrested Guo in 2023. The court has mandated he surrender nearly $900 million in illicit proceeds, along with his New Jersey estate and multiple luxury vehicles.
Defense Plans Appeal
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.”
Guo’s defense attorney, Melinda Sarafa, characterized the 30-year prison term as “excessive.” She argued the sentence disregards testimony from thousands of investors who claim they were not victimized.
Guo continues to assert his innocence and intends to challenge both the guilty verdict and the sentencing decision through the appeals process.
The courtroom was filled to capacity with Guo’s supporters during the sentencing hearing.
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