Horst Jicha, a German national charged with a $150 million cryptocurrency fraud, escaped from house arrest in New York by tampering with his tracking anklet. He was under a $5 million bond, awaiting trial for securities fraud and conspiracy. Prosecutors allege he interfered with his tracking device on October 3, and it stopped transmitting the next day. Authorities realized he was missing when he failed to report to Pretrial Services.
The U.S. Attorney’s Office in Brooklyn is actively investigating his whereabouts. Bond forfeiture proceedings have begun, affecting $4 million secured by Jicha’s partner and children, as his escape has prompted a manhunt by multiple agencies.
Fraud Scheme Allegations
Prosecutors say Jicha led a pyramid scheme called USI Tech, tricking people into investing in cryptocurrencies like bitcoin with promises of 140% returns in 140 days. The scheme depended on investors recruiting others to grow.
The FBI claims the platform was a front for stealing millions in cryptocurrency. Jicha allegedly continued operations until investor concerns arose, then stole millions and transferred them to wallets he controlled.
Search for the Fugitive
After Jicha’s escape, prosecutors sought to hold his family and associates liable for the bond they posted. Efforts to find him have escalated. Authorities believe much of the stolen cryptocurrency was moved to Jicha’s accounts after USI Tech collapsed, which complicates tracking these digital asset transfers due to their potential concealment across jurisdictions.
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