Crypto CEO Accused of $170 Million Theft Goes on the Run After Ankle Monitor Tampering
A cryptocurrency CEO, accused of embezzling over $170 million in Bitcoin and Ether, has reportedly fled after tampering with his ankle monitor, as announced by prosecutors on Thursday.
In a court filing dated October 10 in New York, authorities revealed that 64-year-old Horst Jicha altered his ankle bracelet on October 4 and has since violated his pretrial conditions by absconding. Pretrial services notified the government about the malfunction 12 hours later, leading to an immediate request for an arrest warrant.
Jicha is the former head of USI-Tech, a company alleged to have operated a multi-level marketing scheme disguised as a cryptocurrency mining investment firm. The firm faced multiple cease and desist orders from U.S. and Canadian securities regulators starting in December 2017, ultimately ceasing operations in January 2018.
Following the shutdown, Jicha froze withdrawals, blaming investors for the company’s collapse and alleging they misrepresented it. He then reportedly moved USI’s crypto assets, valued at approximately $94 million at the time of his indictment, to a personal account between 2017 and 2018.
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After living abroad for five years, Jicha was apprehended during a vacation in Miami in 2023. At that time, the missing 1,774 bitcoins and 28,589 ethers were valued at around $150 million. He faces charges of money laundering, conspiracy to commit wire fraud, and securities fraud.
Jicha was released on a $5 million bond and placed under house arrest in New York. His attorney reportedly last communicated with him on September 28.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
