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.
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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.