Miles Guo is going to prison for three decades. A Manhattan federal court sentenced the Chinese billionaire-in-exile on June 29, 2026, capping a fraud case that touched unregistered securities, a fake crypto exchange, and some truly spectacular personal spending.
Guo, also known as Ho Wan Kwok, was convicted in July 2024 on charges including racketeering and money laundering. The sentence handed down matches the outer limit prosecutors were pushing for.
How a $1 billion scheme actually worked
The fraud ran from 2018 to March 2023, targeting mostly Chinese dissidents and followers of Guo’s political media empire. He pitched three main vehicles to investors: GTV Media Group, a luxury membership program called G|CLUBS, and the Himalaya Exchange, a crypto platform that was, in practice, a vehicle for misappropriation.
A 2020 stock offering through GTV raised $452 million. The Himalaya Exchange pulled in another $262 million, marketed around a token called H-Coin, also known as Himalaya Coin or HCN. Combined, that is over $700 million from just two of the three schemes.
