Chinese billionaire Miles Guo just got slapped with 30 years and $889M forfeiture for running a $1B+ crypto Ponzi.
The playbook:
🔹 Sold fake gold-backed H-Coin + fake HDO "stablecoin" via Himalaya Exchange
🔹 Milked his follower base from 2018-2023
🔹 Convicted on securities fraud, wire fraud, money laundering
This is textbook affinity fraud wrapped in crypto. Loyal community + zero proof = exit scam waiting to happen.
Rule: If a project leans on belief over verifiable on-chain proof, you're the exit liquidity. Walk away.
The playbook:
🔹 Sold fake gold-backed H-Coin + fake HDO "stablecoin" via Himalaya Exchange
🔹 Milked his follower base from 2018-2023
🔹 Convicted on securities fraud, wire fraud, money laundering
This is textbook affinity fraud wrapped in crypto. Loyal community + zero proof = exit scam waiting to happen.
Rule: If a project leans on belief over verifiable on-chain proof, you're the exit liquidity. Walk away.