USI Tech was one of the first MLM schemes to use cryptocurrencies to defraud its investors. FinTelegram has issued several warnings against the scheme. Horst Jicha has now gone fugitive, leaving behind a trail of defrauded investors and evading justice in the $150 million USI Tech fraud case. With Jicha on the run, the case serves as a chilling reminder of the risks in the volatile crypto world.
Key Points:
- The German national Horst Jicha, 64, co-founder of USI Tech, has become a fugitive after tampering with his ankle bracelet and skipping a $5 million bond in a $150 million crypto fraud case.
- Jicha faces charges of securities fraud and conspiracy related to USI Tech, a multi-level marketing crypto scheme, with a trial set for March 2025.
- USI Tech, which operated as a Bitcoin trading platform, defrauded investors through false promises of 140% returns, as reported by FinTelegram.
- A manhunt is underway as Jicha’s whereabouts remain unknown.
Short Narrative:
Horst Jicha, the German co-founder of the notorious USI Tech crypto scam, was arrested in December 2023 and later released on a $5 million bond secured by his family members in Germany. However, he has since skipped bail just months before his trial and is now on the run after tampering with his ankle monitor and disappearing while under house arrest in New York.
The USI Tech scam, which promised investors astronomical returns through Bitcoin trading, left investors out of pocket when it abruptly shut down in 2018. FinTelegram had previously issued multiple warnings about USI Tech, highlighting its high-risk nature and fraudulent activities.
Compliance Insight:
Jicha’s case is a clear example of how international crypto scams operate across borders, exploiting regulatory gaps. USI Tech‘s collapse resulted in massive losses, with much of the stolen crypto assets allegedly transferred to digital wallets controlled by Jicha. The FinTelegram reports from 2018 had already pointed to the dubious nature of USI Tech‘s operations, urging investors to stay cautious. This case highlights the persistent challenge of ensuring compliance in the unregulated crypto sector and the importance of cross-border cooperation in fighting financial crime.
Call for Information:
Anyone with knowledge of Jicha’s whereabouts is encouraged to come forward as authorities pursue the manhunt. If you have further details on USI Tech‘s international operations or insider knowledge about the scam, contact FinTelegram for whistleblower protection.
