A German national accused of overseeing a $150 million crypto fraud has turned fugitive after failing to appear in court.

Horst Jicha was facing trial on charges of securities fraud, wire fraud, and money laundering over his alleged involvement in the USI Tech cryptocurrency scheme.

Per CNBC, Jicha is suspected of tampering with his ankle bracelet monitor, after Pretrial Services noticed that it had stopped working. Jicha then failed to respond to an email from Pretrial Services directing him to visit their office.

Over a day had elapsed before Pretrial Services notified prosecutors that Jicha's ankle monitor had stopped working, CNBC reported. Following his failure to appear in court, there is a "very active investigation underway to capture him," John Marzulli, a spokesman for the Brooklyn U.S. attorney’s office, said.

Jicha was on a $5 million bond guaranteed by his domestic partner, his children, and three others, which will be forfeited following his flight.

What was USI Tech?

Jicha is accused of operating USI Tech, a "multilevel marketing scheme to defraud U.S. investors excited about the crypto market," U.S. Attorney for the Eastern District of New York Breon Peace said in a January 2024 statement announcing the charges.

USI Tech allegedly guaranteed returns to investors. In reality, prosecutors contend, the platform was "just a facade," and after questions were raised, Jicha absconded with over $150 million of investors' funds, the bulk of which was held in Bitcoin and Ethereum.

Per CNBC, Jicha was placed under house arrest, and was required to surrender all passports and travel documents to the authorities as a condition of his release.

Edited by Andrew Hayward