According to Foresight News, according to CoinDesk, Chinese businessman Miles Guo was convicted of multi-billion dollar fraud by U.S. prosecutors in New York. He was convicted of defrauding his supporters in a multi-billion dollar scam involving his company GTV Media Group. The jury unanimously found Miles Guo guilty of conspiracy to commit racketeering and various securities fraud, wire fraud and money laundering charges. Miles Guo faces decades in prison. In addition to the criminal trial, the U.S. Securities and Exchange Commission (SEC) also accused Miles Guo of a plan to raise $500 million from retail investors for a cryptocurrency business called H-Coin, which he lied about as much as 20% of being backed by gold. In March 2023, Miles Guo was arrested in New York and has been in prison ever since.