A German man accused of running a massive crypto scam has disappeared, leaving behind a trail of missing money and angry investors.
The Case of the Missing Crypto King
Horst Jicha, a German national, was facing trial in Brooklyn for allegedly orchestrating a $150 million crypto fraud scheme. He was supposed to appear in court for a pre-trial hearing, but he didn’t show up. Now, authorities are on the hunt for the fugitive, who was previously under house arrest in New York City.
The Scheme: A Multi-Level Marketing Nightmare
Jicha’s alleged scheme involved a multi-level marketing operation called USI Tech. He promised investors sky-high returns of up to 140% in just 140 days, claiming they could profit from Bitcoin mining and trading. However, investigators say it was all a lie. Jicha allegedly siphoned off millions of dollars from investors, leaving them with nothing.
The Escape: Tampering with His Ankle Monitor
Jicha was released on bail in January under strict conditions, including wearing an ankle monitor and surrendering his travel documents. But he apparently tampered with the monitor in October, raising red flags about his compliance.
The Fallout: Millions Lost, Investors Left Empty-Handed
The USI Tech scheme, which started in Europe and expanded to the US in 2017, relied on recruiting new investors to pay off earlier ones. When the scheme collapsed in early 2018, investors were left unable to access their funds, losing millions of dollars.
The Hunt: Where Did Jicha Go?
Jicha’s whereabouts are currently unknown. He is believed to have lived in Brazil and Spain before his arrest in Florida in late 2023. Prosecutors are seeking to recover the $4 million bond he was released on, which was guaranteed by his partner and family members who live in Germany.
The Big Question: What Happens to the Missing Crypto?
Much of the missing money from the scheme was reportedly held in crypto assets like Ethereum and Bitcoin, which Jicha transferred to digital wallets after USI Tech shut down. The hunt for Jicha is not just about bringing him to justice, but also about recovering the stolen funds for the victims.
