Himalaya Exchange Founder Miles Guo Indicted in $1B Scheme

The founder of Himalaya Exchange, Miles Guo, is facing serious charges. The so-called world's first true crypto ecosystem, Himalaya Exchange, is involved in a major scandal. Guo is charged under the Racketeer Influenced and Corrupt Organizations (RICO) Act, including racketeering, wire and bank fraud, money laundering, securities fraud, and obstruction of justice. The exchange falsely presented itself as a cryptocurrency system but lacked a public blockchain and traded only on its platform. Guo had promised to compensate for losses and claimed that each coin was backed by 20% gold, which turned out to be untrue. The indictment reveals that misappropriated funds were used to buy extravagant items. Guo also used the Himalayas brand for a scheme related to the Himalaya Farm Alliance, diverting funds to maintain a yacht and private jet. In addition, in collaboration with Steve Bannon, Guo's media outlet GTV faced SEC charges for issuing unregistered securities. It's alleged that $400 million was illegally raised, with $100 million diverted to a hedge fund. The interrelated money laundering scheme involved 500 accounts across global banks, and crypto-friendly banks like Deltec and Prime Trust were involved in Guo's activities.