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Home»ADOPTION NEWS»German Man Accused of Overseeing $150 Million Crypto Fraud Disappears After Tampering With Ankle Bracelet: Report
ADOPTION NEWS

German Man Accused of Overseeing $150 Million Crypto Fraud Disappears After Tampering With Ankle Bracelet: Report

By Crypto FlexsOctober 12, 20242 Mins Read
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German Man Accused of Overseeing 0 Million Crypto Fraud Disappears After Tampering With Ankle Bracelet: Report
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Horst Jicha, a German national detained at his home after being accused of overseeing a $150 million cryptocurrency fraud, has become a fugitive, according to CNBC.

Zicha was being held on home detention in New York City on a $5 million bond secured by his housemates and children when he allegedly tampered with his ankle bracelet and disappeared, according to a report citing a statement submitted to the judge by the U.S. Attorney’s Office.

CNBC said the alleged fraudster is scheduled to go on trial in March to answer “multiple counts of securities fraud and conspiracy related to a multi-level marketing scheme known as USI Tech.” According to reports, Zicha was arrested in Florida in December last year.

The $150 million valuation came from “money missing from the scam” held in Ethereum and Bitcoin, the report said. Jicha reportedly lied to investors, promising 140% returns in 140 days by investing in Bitcoin mining or “trading operations.”

A spokesman for the U.S. Attorney’s Office said prosecutors plan to forfeit bail, meaning they will try to secure $4 million “personally guaranteed by Zicza’s partner, children and three other people, all of whom reside in Germany.”

Zicha’s whereabouts are unknown, but court documents show he lived in Spain and Brazil.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. Previously, he covered entertainment for The Wall Street Journal and covered Disney, Netflix, and Warner Bros. and the creator economy, with a primary focus on technological innovation across media. Previously, he covered corporate, economic and political news in Brazil at Bloomberg. RT has interviewed CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. He holds a Master’s degree in Digital Sociology.

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