Security News > 2023 > March > 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 Wednesday arrested over 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."

One of Guo's operations was called Himalaya Exchange.

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.

"In reality, Guo took advantage of the hype and allure surrounding crypto and other investments to victimize thousands and fund his and his family's lavish lifestyle."

News URL

https://go.theregister.com/feed/www.theregister.com/2023/03/17/miles_guo_charged/