Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»Chinese exile businessman convicted of $1 billion fraud in US
ADOPTION NEWS

Chinese exile businessman convicted of $1 billion fraud in US

By Crypto FlexsJuly 17, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Chinese exile businessman convicted of  billion fraud in US
Share
Facebook Twitter LinkedIn Pinterest Email

Chinese exiled billionaire Guo Wengui, also known as Miles Guo, was convicted by a U.S. jury on Tuesday of multiple charges, including racketeering conspiracy and wire fraud.

“A unanimous jury just found Miles Guo guilty of racketeering conspiracy and multiple counts of securities fraud, wire fraud, and money laundering. He could face decades in prison,” said U.S. Attorney Damian Williams. name.

Guo was arrested in March 2023 on charges of orchestrating a fraud scheme involving more than $1 billion in cryptocurrencies. On Tuesday, he was found guilty on nine of 12 counts, primarily for soliciting investments from various entities through false statements and representations to hundreds of thousands of online followers.

“Guo’s thousands of online followers were victimized to live a life of excess,” prosecutors said. “Miles Guo, an exiled Chinese businessman and alleged billionaire, shamelessly executed several interconnected fraudulent schemes, all designed to rip off his loyal followers’ hard-earned money so he could live out his days in a 50,000-square-foot mansion, driving a million-dollar Lamborghini or lounging on a $37 million yacht.”

After Guo’s arrest in 2023, the DOJ said At the time, Guo had obtained over $262 million in victim funds through Himalaya Exchange (a cryptocurrency ecosystem). The DOJ added that it had seized approximately $634 million from 21 other bank accounts related to the alleged fraud.

The Securities and Exchange Commission also Charged Guo set up a fraudulent scheme in March 2023 to raise hundreds of millions of dollars from investors through a crypto asset security called “H-Coin” or “Himalaya Coin.” The scheme was carried out by falsely stating that 20% of the coin’s value was backed by gold and that “he would personally compensate investors for any potential losses.”

According to CNN, Guo’s lawyers at the time of his trial portrayed him as a political exile who had to use cryptocurrency to siphon money away from an oppressive regime. ReportedGuo, who claimed to have been expelled from China in 2014, is known for his criticism of China’s ruling Communist Party, which has earned him significant support among the overseas Chinese community.

Guo is also known as a close ally of Steve Banon, Donald Trump’s former strategist. In 2020, the two announce A plan called the New Federation of China to overthrow the Chinese government.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Vortex uses NVIDIA Jetson to innovate medical imaging with CT-similar ultrasound.

June 6, 2025

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025

Solana’s Journey: Promotion of Challenge, Innovation and Speed

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Vortex uses NVIDIA Jetson to innovate medical imaging with CT-similar ultrasound.

June 6, 2025

2025 Best Free Cloud Mining

June 6, 2025

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025

Analyst Michaël Van de Poppe says Bitcoin is getting higher.

June 6, 2025

Does Ethereum start their business? MorningStar Candlestick Pattern tells the story

June 6, 2025

Solana’s Journey: Promotion of Challenge, Innovation and Speed

June 6, 2025

Ether Leeum’s imminent brake out in major chart patterns

June 6, 2025

Bittensor increases rapidly after 118 subnets in the $ 1,000 TAO price guess.

June 6, 2025

Bitcoin’s $ 100k drop in caught many merchants for many merchants.

June 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Vortex uses NVIDIA Jetson to innovate medical imaging with CT-similar ultrasound.

June 6, 2025
Most Popular

Ethereum L2 Movement Labs raises $38 million to support Move-EVM adoption.

April 25, 2024

Lucky7Coin: The future of cryptocurrency? – DeFi information

January 23, 2024

Trader Turned $160 Into $6,140,000 in New Under-theRadar Solana-Based Memecoin in Just 12 Days: Lookonchain

December 1, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.