Crypto Fraud Escape Scammer Flees NYC on $5M Bond

Key Points:

• Horst Jicha’s crypto fraud escape unfolded after his ankle monitor failed, leaving authorities scrambling to locate him after skipping his court appearance.
• The crypto fraud escape follows Jicha’s $5M bond release, with law enforcement now pursuing the scammer accused of running a $150M crypto Ponzi scheme.

Horst Jicha, accused of crypto fraud, escaped NYC home detention after his ankle monitor malfunctioned, evading a $5M bond. The crypto fraud escape now has authorities searching for him.

Horst Jicha’s Crypto Fraud Escape from NYC

Horst Jicha, a German fraudster, disappeared in New York while on a $5M bond. He had been accused of operating the USI Tech $150M Ponzi scheme, which promised investors 140% returns. According to DL News, prosecutors are attempting to get the hunt for him underway after his anklet detector stops sending signals, freeing him to skip court dates.

Read more: FBI NexFundAI Token Accused of Violating MIT License Despite $200K Cap

Rising Crypto Fraud Losses in 2023 Reported by FBI

Crypto fraud is flying high: the IC3 said it received more than 69,000 complaints in 2023 with losses of $5.6B. While crypto fraud comprises just 10% of all financial fraud cases, these scams are responsible for nearly half of all dollars lost due to bad actors leveraging FOMO to target consumers.