Guo Wengui Sentenced to 30 Years in Fraud Involving Fake Cryptocurrency H-Coin

Exiled Chinese businessman Guo Wengui raised more than $1 billion from supporters beginning in 2018 by promoting H-Coin and other investment products through ventures including GTV Media Group, the Himalaya Farm Alliance and the Himalaya Exchange. Court testimony showed that the trading system did not use blockchain technology and was merely a centralized points system controlled by its operator, highlighting the risks of schemes dressed up as cryptocurrency investments.

A jury in the U.S. District Court for the Southern District of New York found Guo guilty on July 16, 2024, of nine of 12 charges involving fraud, money laundering and racketeering conspiracy. On June 29, 2026, U.S. District Judge Analisa Torres sentenced him to 30 years in prison and ordered the forfeiture of $889 million in illicit proceeds to compensate more than 1,000 victims worldwide.