- A Chinese businessman has been sentenced to 30 years in prison in the United States.
- He was accused of $1 billion in crypto fraud.
Chinese billionaire Guo Wengui, also known as Miles Guo, was sentenced to 30 years in prison in the United States for cryptocurrency fraud. Judge Analisa Torres also ordered him to pay $889 million in restitution.
Miles Guo left China over ten years ago. Since then, he has gained popularity among overseas Chinese communities thanks to his vocal criticism of the Chinese Communist Party. Guo positioned himself as a champion of democracy, but this didn't stop him from luring his social media followers into crypto projects that turned out to be scams.
US authorities arrested the billionaire in March 2023, accusing him of defrauding hundreds of people of $1 billion. In July 2024, a jury convicted Guo on nine counts.
According to reports, Goh lied to people and promised them huge profits if they invested in organizations he controlled or provided money to GTV Media, Himalaya Farm Alliance, G|CLUBS, and Himalaya Exchange, the US Department of Justice said at the time.
Guo is also known for his ties to former Donald Trump adviser Steve Bannon. In 2020, they announced the "New Federal State of China" initiative, calling it an attempt to overthrow the Chinese government.
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