German man Horst Zicha is currently on the run after missing a hearing in New York for a $150 million cryptocurrency fraud case.
Jicha, 64, was under house arrest and held on $5 million bail, but authorities suspect she tampered with her ankle monitor and disappeared earlier this month, according to CNBC.
His trial is scheduled for March 31, and he is charged with multiple charges related to overseeing a crypto scheme that defrauded investors through USI Tech, a multi-level marketing platform.
Jicha’s lawsuit centers around USI Tech, a platform that claims to offer crypto investments with guaranteed high returns. According to prosecutors, USI Tech was a pyramid scheme disguised as a legitimate cryptocurrency investment business.
Jicha: 140% return within 140 days
According to CNBC, investors were told they could earn 140% in 140 days by mining, trading, and referring others to the investment in Bitcoin. In reality, the platform collapsed and investors suffered losses, but Jicha allegedly pocketed millions of dollars.
USI Tech ceased operations in the United States in early 2018 after regulators launched an investigation into the company. The scam left investors unable to withdraw their funds, and much of the stolen funds were reportedly stored in Ether and Bitcoin addresses controlled by Jicha.
After his escape, CNBC reported that a $5 million bond guaranteed by Jicha’s partner, children and colleagues in Germany was forfeited.
Prosecutors are actively searching for Jicha, but his whereabouts remain unknown at this time. Jicha had lived in various countries, including Brazil and Spain, before his arrest in Florida last year. He was released on bail in January 2024 with strict conditions restricting his movement, but now faces an uncertain fate as authorities continue their search.
