Horst Jicha, a German national indicted for one of Europe’s largest crypto scams, has gone missing. He allegedly smashed his ankle monitor to escape house arrest in New York while awaiting trial for operating a $150 million cryptocurrency Ponzi scheme. Prior to his disappearance on October 3, the crypto fraud fugitive had been out of prison on bond while awaiting trial for securities and conspiracy charges. This fugitive is now being sought, and authorities are hunting him down to bring justice and make him pay for his crimes.
$150M Crypto Fraud Case Takes a Drastic Turn
Jicha, accused of engaging in a Ponzi scheme against investors through his multi-level marketing company, was under house detention on a $5 million bond secured by his family. The day before he was due in court, things took an unexpected sour turn as it was detected that the criminal had gone missing. Jicha allegedly did something to his ankle monitor, and it quit working. This development has the man on top of everyone’s most desired crypto fraud fugitives list, and U.S. authorities are out in active pursuit at the time of this report.
Brooklyn U.S. attorney’s office spokesman John Marzulli weighed in on the situation:
“There’s a very active investigation underway to capture him.”
Prosecutors have already moved to forfeit his bond, with the $4 million of Jicha’s required portion guaranteed by family members and associates now in jeopardy. The investigation continues, and multiple law enforcement agencies are working together to find the escaped inmate.
Jicha’s Crypto Fraud Scheme Exposed
According to reports from Federal prosecutors, Jicha was the mastermind behind USI Tech, a Ponzi scheme that offered investors up to 140% in profit within barely five months of investing. Jicha perpetrated this rogue crypto fraud scheme that drew unsophisticated investors into a Ponzi-like multi-level marketing ploy, which ultimately collapsed, leaving Jicha having stolen millions of dollars flowing into his own accounts.
FBI Assistant Director James Smith said earlier this year:
“In reality, the platform was just a facade, and when questions arose, Jicha stole millions of his investors’ money and fled the country.”
Most of the unethically obtained Bitcoin along with Ether was sent to addresses held by Jicha after the deceptive operations were suspended at USI Tech. Investors have sustained major financial losses, and authorities are working to understand the full extent of this fraud scheme.
Active Manhunt for Crypto Fraud Fugitive Horst Jicha
Jicha is still at large, and the FBI has been working with other law enforcement agencies to apprehend him. Officials also worry that the crypto fraud fugitive could utilize portions of the stolen cryptocurrency in his escape from custody, which would make it even harder to locate him.
An urgent notice was issued by the U.S. Attorney’s office stressing the severity of the situation as it is regarded as one of the top cryptocurrency scams run in recent years. As authorities scramble to catch him, Jicha’s escape represents a major turning point in a case that has drawn significant attention and media scrutiny. This recent occurrence has come to once again serve as a continuous reminder of the challenges faced by the authorities in curbing digital financial crimes.
Even as the extensive manhunt continues, the authorities have one simple objective: to lock Jicha up and at least get some justice for those who were swindled by his elaborate crypto fraud.
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