Guo Wengui found guilty on nine charges including fraud involved in HCoin cryptocurrency scam worth billions of dollars

He also faces charges from the US Securities and Exchange Commission (SEC). Gurbir S. Grewal, Director of the SEC’s Enforcement Division, stated, “We allege that Guo Wengui is a serial fraudster who raised over $850 million by promising investors excessive returns through investments in cryptocurrencies, technology, and luxury goods. In reality, Guo used hype surrounding cryptocurrencies and other investments to lure thousands of victims and fund his own and his family’s extravagant lifestyle.”