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Key Takeaways
- Guo Wengui was sentenced to 30 years for a fraud built partly on a fake crypto ecosystem.
- His Himalaya Exchange and H-Coin token raised over $262 million from investors.
- Prosecutors said H-Coin was falsely marketed as backed by gold reserves.
- The total fraud exceeded $1 billion, with $889 million ordered forfeited.
On June 29, 2026, US District Judge Analisa Torres in Manhattan sentenced self-exiled Chinese billionaire Guo Wengui, also known as Miles Guo or Ho Wan Kwok, for a scheme that prosecutors say defrauded followers of more than $1 billion. For a crypto audience, the most relevant piece is how a fake token sat at the center of it.
The Crypto Mechanism: H-Coin and a Fake Gold Backing
Guo built and promoted the Himalaya Exchange, presented to his followers as a legitimate cryptocurrency ecosystem. Inside it, he marketed a token called H-Coin (also known as Himalaya Coin or HCN). Read Entire Article
English (US)