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Crypto fugitive: Man accused of fraud flees after skipping $150m hearing

A German man, Horst Jicha, is now a fugitive after skipping a $150 million cryptocurrency fraud hearing in New York.

Jicha, 64, was under house arrest and out on a $5 million bond, but authorities suspect he tampered with his ankle monitor and disappeared earlier this month, according to CNBC.

His trial was scheduled for March 31, where he faced multiple charges related to overseeing a crypto scheme that defrauded investors through USI Tech, a multi-level marketing platform.

Jicha’s case revolves around USI Tech, a platform that claimed to offer cryptocurrency investments with guaranteed high returns. According to prosecutors, USI Tech was a pyramid scheme disguised as a legitimate crypto investment operation.