The alleged crypto fraudster is currently on the run after tampering with an ankle bracelet

Before departing, Horst Jicha, the former CEO of USI-Tech, was held in home detention in New York on a $5 million surety that was guaranteed by his companion and children.

According to New York prosecutors, a man who is currently serving home detention for his alleged involvement in a $180 million cryptocurrency fraud conspiracy is reportedly on the run after he tampered with his ankle braclet monitor.

An Oct. 10 court filing indicates that Horst Jicha, the former CEO of USI-Tech, a putative crypto mining and trading firm, is suspected of violating his pretrial conditions by “absconding” and “tampering with his ankle bracelet” on Oct. 4.

Approximately 12 hours after Jicha’s bracelet malfunctioned, Pretrial Services notified the government and promptly pursued an arrest warrant for the fugitive.

On December 23, 2023, Jicha, a German national, was apprehended in Miami, Florida, after re-entering the United States for the first time in over five years to vacation.

He had not been in the United States since he departed the country in 2018 in response to cease-and-desist letters from US authorities.

CNBC reported on October 11 that Jicha was placed under home detention in New York on a $5 million surety, which was guaranteed by his domestic partner and children.

John Marzulli, a spokesperson for the Brooklyn US Attorney’s Office, informed CNBC that a vigorous investigation is currently underway to apprehend him.

In December, the 64-year-old was also compelled to surrender his German passport, which may complicate any attempt to flee abroad.

His trial was scheduled for March 31, during which he is accused of participating in a series of securities fraud and money laundering conspiracy offences that are allegedly related to his time at USI-Tech.

Cointelegraph attempted to contact Jicha’s counsel; however, they did not respond promptly. According to the prosecution, Jicha guaranteed investors that they would earn a daily return of 1% on their investments by participating in USI-Tech’s mining and trading scheme.

Usi-Tech’s purported Ponzi scheme is devoid of assets valued at over $180 million at the current market price.

The prosecutors assert that the funds were transmitted to a crypto exchange deposit address that was under Jicha’s supervision.

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