$150M Crypto Fraud Suspect Disables Ankle Monitor and Escapes

A German man accused of overseeing a $150 million cryptocurrency fraud has fled after failing to appear in court.

Horst Jicha was on trial for securities fraud, wire fraud, and money laundering for his alleged involvement in USI Tech's cryptocurrency scheme.

Hit CNBCJicha is suspected of tampering with his ankle bracelet monitor after pretrial services noticed it was no longer working. Jicha subsequently did not respond to an email from Pretrial Services requesting an office visit.

More than a day passed before pretrial services notified prosecutors that Jicha's ankle monitor was no longer working. CNBC Reported. After his failure to appear in court, “a very active investigation is underway to apprehend him,” said John Marzulli, a spokesman for the Brooklyn U.S. Attorney's Office.

Jicha was held on $5 million bail guaranteed by her domestic partner, children and three others, but that bond will be revoked after she flees.

What was USI Tech?

In a January 2024 statement announcing the charges, U.S. Attorney Breon Peace of the Eastern District of New York said Jicha engaged in a “multi-level marketing scheme to defraud U.S. investors excited about the cryptocurrency market.” He said he is accused of running a certain USI Tech.

USI Tech allegedly guaranteed returns to investors. In fact, prosecutors allege that the platform was “merely a sham” and that after the allegations were raised, Jicha fled with more than $150 million in investor funds, much of which was kept in safekeeping. . Bitcoin and Ethereum.

Hit CNBCJicha was placed under house arrest and was required to surrender all passports and travel documents to authorities as a condition of his release.

Edited by Andrew Hayward