German national vanishes in $150 million crypto fraud case

Horst Jicha, a German national facing charges related to a $150 million cryptocurrency fraud, has disappeared after allegedly tampering with his ankle bracelet while under home detention in New York City.

According to CNBC, Jicha was released on a $5 million bond, which was guaranteed by his domestic partner, children, and three others residing in Germany.

The U.S. attorney’s office reported that Jicha is now a fugitive, having potentially removed the monitoring device.

Jicha’s charges stem from his involvement in a multi-level marketing scheme known as USI Tech, which promised investors returns of 140% within 140 days by claiming to invest in Bitcoin mining and trading operations.

According to reports, the scheme involved “missing funds” in both Ethereum and Bitcoin.

Jicha, who was arrested in December 2023 in Florida, was scheduled to face trial in March 2024 for securities fraud and conspiracy charges.

Prosecutors have indicated they plan to forfeit Jicha’s bond, seeking to collect $4 million from his domestic partner, children, and three additional guarantors.

While Jicha’s whereabouts are currently unknown, court documents reveal that he has previously lived in Spain and Brazil, complicating efforts to track him down.

Authorities continue to search for Jicha, as his disappearance adds another layer of complexity to the case.