The main suspect in the $150 million cryptocurrency fraud case, Horst Jicha, has absconded after being released on bail

According to CNBC, German citizen Horst Jicha has become a fugitive after skipping bail in a $150 million cryptocurrency fraud case in New York. He tampered with his ankle monitor on October 3 and subsequently failed to appear in court. The Brooklyn U.S. Attorney's Office is actively investigating to apprehend him. Of Jicha's $5 million bail, $4 million was personally guaranteed by his partner, children, and three others, while $1 million in cash has been deposited with the federal government, putting their bail amounts at personal risk.

The case against Horst Jicha was originally set to go to trial on March 31, facing multiple charges of securities fraud and conspiracy. Prosecutors indicated that the USI Tech platform was essentially a fraudulent multi-level marketing scheme, in which Jicha deceived investors, residing in Brazil and Spain before and after his arrest. He was arrested in Florida at the end of 2023 and was released on bail in January, but violated the conditions of his bail by failing to appear in court, meet with his attorney, or seek medical attention. After his arrest, approximately $150 million worth of Ethereum and Bitcoin was sent to a cryptocurrency deposit address controlled by Horst Jicha.