A German man named Horst Jicha has become a fugitive after missing a $150 million cryptocurrency fraud trial in New York. Jicha, who is 64 years old, was supposed to appear in court on March 31 but authorities believe he tampered with his ankle monitor and disappeared earlier this month.
He was accused of being involved in a cryptocurrency scam through a platform called USI Tech, which promised investors high returns on their investments. The scheme, disguised as a legitimate crypto operation, turned out to be a pyramid scheme that collapsed, leaving investors with losses while Jicha allegedly made off with millions of dollars.
USI Tech stopped operating in the U.S. in 2018 after facing investigations from regulators. Many investors were unable to withdraw their funds, as much of the stolen money was held in ether and bitcoin addresses controlled by Jicha.
Despite the efforts of prosecutors to locate him, Jicha’s current whereabouts are unknown. He had lived in different countries such as Brazil and Spain before being arrested in Florida last year. Jicha was released on bond in January 2024 but now faces an uncertain future as authorities try to track him down.
It has been reported that Jicha’s $5 million bond, which was guaranteed by his partner, children, and associates in Germany, has been forfeited since he fled. Authorities are actively searching for him, but the case highlights the challenges of pursuing individuals involved in complex cryptocurrency fraud cases across international borders.