US authorities arrested Miles Guo, a Chinese citizen, on charges of over $1 billion in crypto-related fraud.
The US Department of Justice explained that Goh is also known by the names Ho Wang Kwok, Miles Kwok, Go Wengyi, Brother Seven, and “Director”.
Officials pointed out that Guo and his accomplice Qin Ming Ji, also known as William Ji, “fraudulently incited” thousands of subscribers to fund an online club called G|CLUBS.
The criminals received $262 million through the Himalaya crypto exchange they launched. The latter created the Himalaya Dollar stablecoin and the Himalaya Coin utility token.
Guo and Ji were charged with 12 counts and face a total of 215 years in prison each. Ji remains at large.
The agency said the couple used the funds for personal purposes, such as buying a 50,000-square-foot New Jersey mansion, a $37 million yacht, a $3.5 million Ferrari, a $62,000 TV and a $53,000 firewood rack.
Between September 2022 and March 2023, the US government seized ~$634 million from 21 different banks. The assets owned by Guo and Gee were also seized, including the Lamborghini Aventador SVJ Roads.
SEC accused couple in raising $850 million in “unregistered and fraudulent offers.”
Separately, the Commission noted that Guo received hundreds of millions of dollars through Himalaya Coin and its associated Himalaya Dollar. The businessman claimed that the first asset was backed by gold and that he would compensate investors for any potential losses.
Recall that in February, the SEC charged Terraform Labs and its CEO Do Kwon with organizing a multi-billion dollar securities fraud. The regulator included the algorithmic stablecoin TerraUSD (UST) and the LUNA token.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
US authorities arrested Miles Guo, a Chinese citizen, on charges of over $1 billion in crypto-related fraud.
The US Department of Justice explained that Goh is also known by the names Ho Wang Kwok, Miles Kwok, Go Wengyi, Brother Seven, and “Director”.
Officials pointed out that Guo and his accomplice Qin Ming Ji, also known as William Ji, “fraudulently incited” thousands of subscribers to fund an online club called G|CLUBS.
The criminals received $262 million through the Himalaya crypto exchange they launched. The latter created the Himalaya Dollar stablecoin and the Himalaya Coin utility token.
Guo and Ji were charged with 12 counts and face a total of 215 years in prison each. Ji remains at large.
The agency said the couple used the funds for personal purposes, such as buying a 50,000-square-foot New Jersey mansion, a $37 million yacht, a $3.5 million Ferrari, a $62,000 TV and a $53,000 firewood rack.
Between September 2022 and March 2023, the US government seized ~$634 million from 21 different banks. The assets owned by Guo and Gee were also seized, including the Lamborghini Aventador SVJ Roads.
SEC accused couple in raising $850 million in “unregistered and fraudulent offers.”
Separately, the Commission noted that Guo received hundreds of millions of dollars through Himalaya Coin and its associated Himalaya Dollar. The businessman claimed that the first asset was backed by gold and that he would compensate investors for any potential losses.
Recall that in February, the SEC charged Terraform Labs and its CEO Do Kwon with organizing a multi-billion dollar securities fraud. The regulator included the algorithmic stablecoin TerraUSD (UST) and the LUNA token.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
