PANews reported on July 17 that according to CoinDesk, Chinese businessman Miles Guo, who lives in exile, was found guilty of defrauding his supporters and engaging in a $1 billion fraud with his company GTV Media Group. U.S. Attorney Damian Williams said in a statement: "Today, Miles Guo's conspiracy was exposed. Just now, the jury unanimously found Miles Guo guilty of extortion and multiple securities fraud, wire fraud and money laundering. He will face decades in prison."

In addition to the criminal trial, the SEC has charged Guo with allegedly raising $500 million from retail investors to form a cryptocurrency business called H-Coin and falsely claiming that 20% of the company's assets were backed by gold.

Guo Wengui was once an assistant to Trump's former strategist Steve Bannon, who was arrested on Guo Wengui's yacht in 2020. Earlier in March last year, it was reported that Guo Wengui and his gang were arrested in New York, USA, on suspicion of a $1 billion fraud involving cryptocurrency.