Crypto CEO flees detention, wanted for $180M fraud
Horst Jicha, the former CEO of crypto firm USI-Tech, has reportedly fled house arrest after tampering with his ankle monitor, according to New York prosecutors.
The 64-year-old, who is accused of orchestrating a $180 million cryptocurrency fraud, allegedly tampered with the device on October 4.
Despite a swift alert from Pretrial Services, Jicha disappeared, prompting authorities to launch a manhunt.
Jicha had been under home detention in New York, following his arrest in Miami in December 2023, where he was apprehended after returning to the U.S. for the first time in five years.
He had fled the country in 2018 after U.S. regulators sent cease-and-desist letters over the activities of USI-Tech, a company he led, which promised investors significant returns through cryptocurrency mining and trading.
The court had placed Jicha on a $5 million bond, backed by his partner and children. His German passport was also confiscated, making international travel more difficult.
However, this did not prevent him from disappearing just months before his trial, which was scheduled for March 2025.
Prosecutors allege that Jicha was involved in a scheme that saw 1,774 Bitcoin and 28,589 Ether, now valued at over $180 million, funnelled into accounts he controlled.
USI-Tech, which launched in Europe in 2017, had aggressively targeted U.S. investors before regulatory scrutiny forced it to shut down in January 2018, leaving many investors unable to recover their funds.
Authorities are now intensifying efforts to locate Jicha, while the charges of securities fraud and money laundering remain pending.
