According to a report by Bloomberg, Miles Guo, a fugitive businessman, is facing charges in New York this week for allegedly defrauding investors of over $1 billion through a fraudulent scheme involving cryptocurrency, social media platforms, and agricultural loan programs. The funds allegedly brought him luxury items including a $26 million New Jersey mansion and a $37 million yacht. Court documents show that Guo and his accomplices are accused of misappropriating $100 million of stock issuance funds for investment in high-risk hedge funds, as well as using investor funds for agricultural loan programs, a members-only club, and an ICO. Guo boasted to his social media followers about the dazzling success of his cryptocurrency "ecosystem" on the Himalayan exchange, claiming that his cryptocurrency was backed by gold. On March 16, 203, Miles Guo was reported by Jinse Finance to have been arrested in New York on charges related to a $1 billion cryptocurrency fraud conspiracy.