Feds arrest and charge exiled Chinese billionaire over massive crypto fraud
Meet the newest member of the crypto rogues' gallery: Ho Wan Kwok, aka Guo Wengui, aka Miles Guo, whom the US Department of Justice on Wednesdayover what investigators have described as a"sprawling and complex scheme … to solicit investments in various entities and programs through false statements and representations to hundreds of thousands of Kwok's online followers."
Kwok/Guo has a fascinating back story. Born in China, he became a property entrepreneur and was rated as a billionaire. He left China in 2014 as multiple controversies swirled around his interests and actions, and by 2017 he was resident in New York and became a strident critic of the Chinese government, circulating vivid theories about his troubles and Beijing's role in them.
Those promises were clearly a fiction, but Himalaya Exchange nonetheless managed to raise around $262 million from investors – many of them lured by misinformation on Guo's social media accounts. Himalaya Exchange later conducted labyrinthine transactions that appear to have been aimed at lining the pockets of Guo and his associates.
Which is why the DoJ on Wednesday charged Guo and pals with a dozen charges related to wire fraud, securities fraud, bank fraud, and money laundering charges. The feds also revealed that they had seized around $634 million from bank accounts linked to Guo and pals.
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