Originally published on: October 12, 2024
A man implicated in a $180 million cryptocurrency fraud scheme has fled while on home detention in New York after manipulating his ankle monitor, according to prosecutors. Horst Jicha, the ex-CEO of USI-Tech, a company involved in crypto mining and trading, is now considered a fugitive after violating his pretrial conditions.
The German national was apprehended in Miami, Florida, in 2023 after evading US authorities for years. Placed under house arrest in New York on a $5 million bond, Jicha was required to surrender his passport. Despite these precautions, he managed to escape and is now being actively pursued by law enforcement.
Jicha faces accusations of securities fraud and money laundering conspiracy related to his alleged activities at USI-Tech. Prosecutors allege that he misled investors with promises of daily returns on their investments through the company’s mining and trading operations. Over $180 million in Bitcoin and Ether is said to be unaccounted for, with funds allegedly transferred to Jicha’s control.
USI-Tech, which launched in Europe in 2017 before targeting US investors, came under regulatory scrutiny and eventually folded in 2018. Investors were left stranded, unable to access their funds as the company ceased operations.
As the investigation into Jicha intensifies, the crypto community awaits further developments in this high-profile case. Stay informed on this and other crypto-related news by subscribing to our newsletter for exclusive market insights and updates. Don’t miss out on essential information to guide your investment decisions and trading strategies. Subscribe today for a weekly dose of expert analysis delivered straight to your inbox.
