Key Points
- Miles Guo receives 30-year federal prison sentence for massive fraud operation
- The scheme centered on H-Coin, a fraudulent cryptocurrency falsely promoted as 20% gold-backed
- Federal prosecutors documented 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 plus mansion and high-end automobiles
Exiled Chinese tycoon Miles Guo will spend the next three decades behind bars after a federal judge imposed a 30-year prison term for orchestrating a billion-dollar fraud operation that featured a bogus cryptocurrency venture.
The sentencing was delivered by a federal judge in New York after Guo’s 2024 criminal conviction on multiple counts including racketeering conspiracy, fraud, and money laundering.
Guo, who goes by the alternative name Ho Wan Kwok, is 55. After fleeing mainland China in 2017, he transformed his public image into that of an outspoken opponent of Beijing’s Communist regime, amassing a substantial following within Chinese diaspora communities across America.
Federal authorities detailed how he weaponized that influence to execute multiple fraudulent operations spanning from 2018 through 2023.
A central element of his criminal enterprise was Himalaya Coin, commonly referred to as H-Coin. Guo pitched prospective investors on the digital asset by claiming it maintained a 20% gold reserve and promised full protection against investment losses. Both representations were completely fabricated.
The H-Coin operation alone generated approximately $500 million. When combined with his other fraudulent ventures, federal prosecutors determined the total exceeded $1 billion.
Judge Analisa Torres stated that Guo had “preyed on those seeking to bring democracy to China,” exploiting their political aspirations to finance an extravagant personal lifestyle.
His opulent spending included a 50,000 square foot estate, a yacht valued at $37 million, a Lamborghini worth $1 million, and a Bugatti.
Ties to Steve Bannon
Guo maintained a well-documented relationship with Steve Bannon, who previously served as a senior adviser to President Donald Trump.
The pair regularly appeared together in streaming broadcasts. In 2020, they jointly established an initiative known as the New Federal State of China, an organization dedicated to toppling China’s Communist government.
During that same year, federal agents took Bannon into custody aboard Guo’s 150-foot luxury yacht docked in Connecticut waters. The arrest stemmed from an unrelated fraud investigation concerning fundraising efforts for constructing a US-Mexico border barrier.
President Trump granted Bannon a presidential pardon for those federal offenses during the closing hours of his initial administration. Bannon subsequently entered a guilty plea to state-level charges in 2025, receiving a conditional discharge that kept him out of prison.
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 automobiles.
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.”
Defense attorney Melinda Sarafa characterized the 30-year prison term as “excessive.” She argued the sentence disregards testimony from thousands of investors who maintain 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 his supporters during the sentencing hearing.
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