Guo Wengui was sentenced to 30 years in prison for his involvement in a $1 billion fraud case
By: rootdata|2026/07/01 02:42:11
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According to CoinDesk, a U.S. judge has issued a ruling against Chinese exiled businessman Guo Wengui, sentencing him to 30 years in prison. In 2024, the jury found him guilty of multiple charges including extortion, fraud, and money laundering in a series of previous cases.
It is reported that Guo Wengui orchestrated a complex fraud scheme lasting five years, involving over $1 billion. Among other things, he launched a fraudulent cryptocurrency project called Himalaya Coin (H-Coin) in 2021, falsely claiming to potential investors that the token was backed by 20% gold as an asset and promising full compensation for investors' losses, thereby illegally raising about $500 million.
In addition to the long prison sentence, Guo Wengui has also been ordered to forfeit nearly $900 million in illegal gains, as well as his mansion in New Jersey and several luxury cars including Rolls-Royce and Bugatti.
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