The CEO of cryptocurrency platform USI Tech, Horst Jicha, has been indicted on charges of securities fraud, wire fraud, and money laundering. According to the U.S. Attorney’s Office, Jicha falsely guaranteed returns to investors and then absconded with over $150 million, leaving a wake of financial losses and regulatory scrutiny. The indictment alleges that USI Tech, initially launched in Europe as an online platform, was, in reality, a multilevel marketing scheme that aggressively targeted U.S. investors with false promises of high returns on cryptocurrency investments.
Jicha, one of the founders and the Chief Executive Officer of USI Tech, allegedly brought the platform to the United States in 2017, using social media and in-person presentations to lure investors. When faced with regulatory scrutiny in 2018, USI Tech abruptly ceased U.S. operations, resulting in millions of dollars in losses for investors. The missing funds, valued at approximately $150 million in Ether and Bitcoin, were allegedly sent to cryptocurrency deposit addresses controlled by Jicha after the platform ceased operations. Jicha, a German national, was arrested upon entering the United States on December 23, 2023, and now faces legal proceedings for the alleged financial crimes.
Reference:
