Originally published on: October 12, 2024
A man accused of participating in a $180 million cryptocurrency fraud scheme is now on the run after reportedly tampering with his ankle bracelet monitor, according to prosecutors in New York.
Horst Jicha, the former CEO of USI-Tech, a purported crypto mining and trading firm, breached his pretrial conditions by tampering with his ankle bracelet on October 4 and fleeing, as stated in a court filing on October 10.
After his bracelet stopped working, Jicha, a German national, absconded in violation of his home detention order in New York, where he was on a $5 million bond. Despite surrendering his German passport in December, he managed to escape, prompting a hunt led by the Brooklyn US Attorney’s Office.
Jicha faces charges of securities fraud and money laundering conspiracy related to USI-Tech’s activities, where he allegedly promised investors daily returns through a mining and trading scheme.
Authorities claim that more than $180 million in Bitcoin and Ether is missing from USI-Tech’s operations, with funds allegedly transferred to a crypto exchange address controlled by Jicha.
Founded in Europe in 2017, USI-Tech attracted US investors with the promise of high returns before shuttering in 2018 amid regulatory scrutiny. Investors were left unable to withdraw their funds from the platform.
As the investigation into Jicha’s whereabouts continues, the case is set for trial on March 31. Despite reaching out to his legal team, there has been no immediate response to the allegations.
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