A manhunt is underway for Horst Jicha, a fugitive accused of orchestrating a $150 million cryptocurrency fraud scheme after tampering with his ankle monitor.
A manhunt is currently underway for Horst Jicha, a former CEO of a cryptocurrency firm, who has become a fugitive after allegedly tampering with his ankle monitor and skipping a $150 million fraud hearing in New York. Jicha, who was under home detention, is accused of orchestrating a massive fraud scheme that defrauded investors through a multi-level marketing platform.
Horst Jicha, a German national, was arrested in December 2023 in Miami after returning to the U.S. for the first time in over five years. He had previously fled the country in 2018 following regulatory scrutiny of his company, USI-Tech, which was accused of running a fraudulent cryptocurrency investment scheme.
Jicha was placed under home detention in New York, with a bond guaranteed by his domestic partner and children. His trial was set for March 31, 2025, where he faced serious charges including securities fraud and money laundering.
Prosecutors allege that Jicha promised investors unrealistic returns of 1% daily through USI-Tech’s mining and trading operations. The scheme reportedly defrauded investors of approximately 1,774 Bitcoin and 28,589 Ether, totaling over $180 million at current market prices. The funds are believed to have been transferred to crypto addresses controlled by Jicha.
On October 4, 2024, Jicha allegedly tampered with his ankle monitor, leading to his disappearance. Pretrial Services notified authorities approximately 12 hours after the monitor stopped functioning, prompting an immediate search for the fugitive. As of now, Jicha's whereabouts remain unknown, and authorities are actively investigating his potential locations, which may include countries where he has previously lived, such as Brazil and Spain.
With Jicha now a fugitive, prosecutors are moving to forfeit his $5 million bond. This bond was guaranteed by his family and associates in Germany, and its forfeiture could lead to significant financial repercussions for them. The U.S. Attorney’s Office has stated that they are committed to locating Jicha and bringing him to justice.
The case of Horst Jicha highlights the ongoing challenges in regulating the cryptocurrency industry, particularly concerning fraudulent schemes that exploit investors. As authorities continue their search, the implications of Jicha's actions will likely resonate throughout the crypto community, raising questions about investor protection and regulatory oversight in this rapidly evolving market.
