A German man, Horst Jicha, charged with a $150 million cryptocurrency scam, escaped house arrest in New York by tampering with his tracking anklet.
Jicha was out on a $5 million bond and was waiting for his trial on fraud charges. He reportedly interfered with his anklet on October 3, and it stopped broadcasting the next day. Authorities realized he was missing when he didn’t check in.
The US Attorney’s Office confirmed an active search for Jicha is underway, with efforts to recover a $4 million bond tied to his family also initiated. His escape has led to a multi-agency manhunt.
Fraud Scheme Details
Prosecutors allege Jicha ran a pyramid scheme called USI Tech, tricking people into investing in cryptocurrencies like Bitcoin with claims of 140% returns in just 140 days. The scheme depended on investors bringing in others to grow.
The FBI claims the platform was used to steal millions in cryptocurrency. Jicha supposedly continued the scam until investor concerns arose, at which point he transferred stolen funds to his own accounts.
Search for the Fugitive
After Jicha’s escape, prosecutors quickly sought to hold his family accountable by trying to forfeit their bond. Efforts to locate him have intensified, though there are no public leads yet.
Officials believe that much of the stolen cryptocurrency was transferred to Jicha’s accounts after USI Tech’s collapse, making it difficult to track due to the nature of digital assets which can be hidden across various locations.
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