$150M Crypto Scheme Leader Escapes U.S. Detention: Massive Manhunt in Progress
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
A German national suspected of masterminding a $150 million Bitcoin scam is currently on the run after reportedly tampering with his ankle monitor while in home detention in New York.
According to the prosecution, he oversaw a multitiered marketing campaign that promised enormous profits before embezzling millions of cryptocurrencies and going missing right before his trial. There is an ongoing investigation.
Horst Jicha, accused of a $180M crypto fraud, has gone missing after his ankle monitor went silent on October 4th.#nerdbunny #crypto #bitcoin pic.twitter.com/xHsYQ91Raf
— NerdBunny (@nerdbunny_com) October 14, 2024
A Suspect of Cryptocurrency Fraud: Horst Jicha Avoids Arrest at Home
Horst Jicha, a German national suspected of masterminding a $150 million Bitcoin scam, is currently on the run after reportedly tampering with his ankle monitor on October 3.
A $5 million bond, guaranteed by his children and domestic partner, had kept Jicha in house confinement in New York City while he awaited trial on accusations of conspiracy and securities fraud.
CNBC cited John Marzulli, a spokesman for the Brooklyn U.S. attorney’s office, as saying: A very vigorous investigation is underway to apprehend him.
When Jicha did not show up for federal court in Brooklyn, prosecutors started the bond forfeiture process. Marzulli emphasized, “We are going to forfeit the bond,” which refers to the $4 million that Jicha’s family and allies had guaranteed.
1/7
Who is Horst Jicha?USI-Tech’s former CEO.
The German dude, who allegedly scammed folks out of $150 million in #crypto.
Now vanished into thin air.
What went down?🧵 pic.twitter.com/1gKhjxwJiS
— Token Dispatch (@tokendispatch_) October 14, 2024
The day before his disappearance, his ankle monitor malfunctioned, and the next day, he disregarded a request to go to Pretrial Services.
According to the prosecution, Jicha was the head of USI Tech, a multi-level marketing scheme that deceitfully promised investors an average return of 140% in 140 days. James Smith, the assistant director of the FBI, stated in January:
In actuality, the platform was a front, and Jicha stole millions of dollars from his investors before leaving the nation.
After USI Tech shut down, Jicha controlled addresses that received a large portion of the fraudulently obtained cryptocurrency, including bitcoin and ether.
“It was a multilevel marketing scheme that relied on investors recruiting other investors below them to buy various purported cryptocurrency investments,” U.S. Attorney officials clarified.
