Crypto CEO Vanishes Before Trial, Leaving Investors High and Dry

A cryptocurrency CEO, Horst Jicha, has vanished just before his trial in Brooklyn Federal Court. He was accused of stealing $150 million from investors. Jicha, a German citizen, ran a European company called USI Tech. This company promised investors a daily return of 1% on their bitcoin investments over 140 days. Unfortunately, it turned out to be a scam. After regulators started investigating in 2018, the platform shut down, and a large chunk of the missing money, around $94 million in cryptocurrency, was transferred to Jicha's personal accounts.

Jicha was arrested in December while on vacation in Miami. He was free on a $5 million bond and was required to surrender his passport, move to New York City, and stay under home detention. He was also allowed to work out at a gym in Brooklyn for two hours daily. However, he tampered with his ankle monitor and disappeared. His lawyer last spoke to him on September 28. Authorities have now issued a warrant for his arrest. The trial was set to begin in March, but it might be canceled if Jicha is not found by October 23. He faces charges of wire fraud conspiracy, securities fraud, and money laundering, which could land him in jail for up to 30 years if convicted.

Actions