Guo Wengui sentenced to 30 years in U.S. crypto fraud case

A federal judge in Manhattan sentenced Guo Wengui to 30 years in prison on Monday and ordered him to forfeit $889 million. A jury convicted him in July 2024 on nine counts of fraud and conspiracy in a case tied to cryptocurrency and related enterprises.

Prosecutors allege Guo solicited investments from hundreds of thousands of online followers through a network of companies and platforms, including GTV Media, the Himalaya Farm Alliance, G|CLUBS and the Himalaya Exchange. The Department of Justice alleges more than $262 million in victim funds moved through the Himalaya Exchange and that total losses exceeded $1 billion. Authorities contend some proceeds were used to buy a mansion and luxury vehicles.

Guo was arrested in March 2023. In court he told the judge his reason for coming to the United States was “to destroy the CCP.” Judge Analisa Torres addressed Guo directly, saying he preyed on people seeking to bring democracy to China and had taken no responsibility, and noting Guo maintained his conduct caused no loss and harmed no one.

The Securities and Exchange Commission filed a separate civil action in March 2023 alleging Guo and his financial adviser, William Je, raised hundreds of millions of dollars from investors through a token called H-Coin or Himalaya Coin.

Guo left China more than a decade ago and built a large online following among overseas Chinese by portraying himself as a critic of the Chinese government. He has maintained public ties with political strategist Steve Bannon; in 2020 they announced an initiative called the New Federal State of China.

The court’s forfeiture and restitution order is intended to return a portion of the funds to victims as part of a case that combined criminal charges and civil claims tied to Guo’s companies and digital assets.