Our weekly roundup of news from East Asia curates the industry’s most important developments.
Chinese billionaire arrested in U.S. for $1B financial fraud
According to an announcement published by the U.S. Department of Justice (DOJ) on Mar. 15, Chinese billonaire Ho Wan Kwok (aka Miles Guo and more commonly as Guo Wengui), has been arrested on a total of twelve charges, including wire fraud, securities fraud, bank fraud, and money laundering. Among many items, the DOJ alleges that Kwok/Guo “fraudulently obtained” more than $262 million from victims through cryptocurrency platform Himalayan Exchange.
Trending: Former Michael Cohen Lawyer Drops Bombshell After Yesterday’s Testimony In Front Of Grand Jury For Manhattan DA’s Desperate Case Against Trump [VIDEO]
The Himalaya Exchange included assets such as Himalaya Dollar (HDO), a purported stablecoin, and Himalaya Coin (HCN), a purported trading coin. According to the indictment, Guo told investors that HCN was 20% backed
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!