FBI Seeks USI-Tech Founder Horst Costa Jicha After Disappearance Before Cryptocurrency Fraud Trial
German Cryptocurrency Executive Wanted After Electronic Monitoring Device Failed in Brooklyn
Horst Costa Jicha, founder and former Chief Executive Officer of cryptocurrency investment platform USI-Tech, is wanted by the Federal Bureau of Investigation for violating the conditions of his pretrial release. Jicha had been awaiting trial in Brooklyn, New York, on federal charges of securities fraud conspiracy, securities fraud, wire fraud conspiracy, wire fraud, and money laundering conspiracy. Federal prosecutors say the USI-Tech operation resulted in millions of dollars in investor losses, while approximately $150 million worth of Bitcoin and Ether was transferred to cryptocurrency addresses controlled by Jicha after the platform ceased its United States operations.
Jicha was arrested by the FBI in Miami, Florida, on December 23, 2023, after returning to the United States for the first time in more than five years. Following his arrest, he was released under court-ordered conditions and electronically monitored while awaiting trial in Brooklyn. On October 3, 2024, Jicha's ankle monitor stopped functioning, and authorities were unable to locate him.
A new federal arrest warrant was issued the following day, October 4, 2024, by the United States District Court for the Eastern District of New York in Brooklyn. Jicha was charged with violating the conditions of his pretrial release and remains a federal fugitive. He continues to appear on the FBI's current Most Wanted white-collar crime list.
The Rise of USI-Tech
USI-Tech was an online investment platform that began operating in Europe and promoted itself as a way for ordinary investors to participate in cryptocurrency markets. The company presented cryptocurrency investing as accessible to people who did not necessarily have extensive knowledge of Bitcoin, cryptocurrency mining, or digital-asset trading. Jicha was one of the company's founders and served as its Chief Executive Officer.
USI-Tech promoted what it described as automated cryptocurrency investment opportunities and claimed it had developed the world's first automated Bitcoin trading platform. Investors were told the company could generate guaranteed returns through Bitcoin mining and automated trading operations. The business arrived at a time when Bitcoin and other cryptocurrencies were attracting enormous international attention and large numbers of new retail investors.
Federal prosecutors say Jicha brought USI-Tech to the United States in 2017 and aggressively marketed the platform to American investors. Social media was used extensively to promote the company, while in-person presentations were also conducted to attract additional participants. Prosecutors say Jicha made false guarantees about investment returns and false representations concerning the legality of USI-Tech's investment offerings.
A Multilevel Marketing Structure
USI-Tech operated using a network or multilevel marketing structure in which investors could recruit additional participants. Investors were encouraged to bring new people into the platform, creating multiple levels of participants purchasing cryptocurrency-related investment products. The structure allowed the company to expand rapidly while cryptocurrency enthusiasm was growing throughout 2017.
The operation combined cryptocurrency investing with a recruitment model that could spread through personal networks and social media. Participants could hear about USI-Tech from friends, relatives, acquaintances, online promoters, or people already involved with the platform. Federal prosecutors say the company used that structure and widespread interest in cryptocurrency to attract thousands of investors.
The promises made to investors were a central part of the federal case. USI-Tech represented that its cryptocurrency mining and automated trading activities could produce guaranteed investment returns. Federal authorities contend that the investment platform did not operate as represented to the people placing their money into it.
USI-Tech Expands Into the United States
Jicha and USI-Tech entered the American market during one of the most dramatic periods in Bitcoin's early history. Cryptocurrency prices were receiving extensive attention, and thousands of people were searching for ways to participate in the emerging digital-asset economy. USI-Tech positioned itself as a platform capable of simplifying that process for everyday investors.
The company's marketing strategy relied heavily on social media and presentations designed to attract new participants. Prosecutors say Jicha promoted the platform directly to American retail investors and guaranteed high returns while making false claims about the legality of the investments being offered. Those representations encouraged investors to place money into cryptocurrency products through the company.
The combination of cryptocurrency, automated trading, Bitcoin mining, and promised returns created an attractive proposition for investors unfamiliar with the technical aspects of digital assets. Instead of having to independently purchase, mine, or actively trade cryptocurrency, customers were presented with a platform that claimed it could perform those functions for them. Federal investigators later concluded that the operation was being used to defraud investors.
Regulatory Scrutiny and the Collapse of U.S. Operations
By early 2018, USI-Tech was facing regulatory scrutiny in the United States. The company subsequently shut down its American operations, leaving investors unable to access money they had placed into the platform. The abrupt end of operations resulted in millions of dollars in investor losses.
Federal prosecutors say substantial quantities of cryptocurrency remained unaccounted for after USI-Tech stopped operating in the United States. Much of that missing money consisted of Bitcoin and Ether that was transferred to cryptocurrency deposit addresses controlled by Jicha. At the time of his December 2023 arrest, prosecutors valued those digital assets at approximately $150 million.
The enormous value of the cryptocurrency became one of the most significant aspects of the federal prosecution. Cryptocurrency prices can fluctuate substantially, meaning the value of assets can change considerably over time. The approximately $150 million figure represented the value of the Bitcoin and Ether at the time Jicha was arrested in 2023.
Thousands of Investors Affected
The FBI states that USI-Tech used aggressive social media promotion and popular interest in Bitcoin and cryptocurrencies as part of a scheme that affected thousands of people. Investors were drawn to the possibility of earning returns from a rapidly growing financial technology without having to personally understand cryptocurrency mining or active trading. The company's marketing presented the platform as a way to make cryptocurrency investing simpler and potentially profitable.
When USI-Tech ceased its American operations, investors were left without access to their money. For many participants, the shutdown meant investments that had appeared accessible through an online platform suddenly became unavailable. Federal authorities subsequently investigated what happened to the funds and the people responsible for operating the company.
The investigation eventually focused on Jicha's role as a founder and CEO. His leadership position and involvement in promoting USI-Tech to American investors became central to the federal case. Prosecutors charged him with multiple offenses involving securities fraud, wire fraud, and money laundering.
Jicha Stays Outside the United States for More Than Five Years
After USI-Tech's United States operations ended, Jicha remained outside the country for more than five years. Federal authorities continued investigating the cryptocurrency platform and ultimately obtained a warrant for his arrest. Jicha did not return to the United States until December 2023.
His return came when he attempted to vacation in Miami, Florida. On December 23, 2023, the FBI arrested Jicha pursuant to the outstanding federal warrant issued from the Eastern District of New York. The charges against him were later unsealed, bringing the long-running investigation into public view.
Jicha was subsequently brought before the federal court in Brooklyn. The charges included securities fraud conspiracy, securities fraud, wire fraud conspiracy, wire fraud, and money laundering conspiracy. The case was assigned in the Eastern District of New York under federal docket number 23-CR-342.
Released Under Electronic Monitoring
After his arrest, Jicha was allowed to remain outside federal custody under conditions imposed while he awaited trial. One of those conditions involved electronic monitoring, allowing authorities to track his location while the criminal case proceeded. Jicha was monitored in Brooklyn, New York.
The monitoring arrangement remained in place until October 3, 2024. On that date, Jicha's ankle monitor malfunctioned and authorities were no longer able to locate him. His disappearance immediately transformed the pending financial fraud prosecution into a new federal fugitive investigation.
On October 4, 2024, one day after the monitoring device stopped functioning, a federal arrest warrant was issued in the Eastern District of New York. Jicha was charged with violating the conditions of his pretrial release. He has remained wanted since that warrant was issued.
From Cryptocurrency Executive to FBI Fugitive
Jicha's disappearance created an unusual second phase in a case that had already taken federal investigators years to bring before a court. Authorities had waited more than five years for him to return to the United States before arresting him in Miami in December 2023. Less than a year later, he disappeared while awaiting trial.
The FBI's New York Field Office now lists Jicha among the fugitives it is seeking, and his name also appears on the bureau's national white-collar crime wanted list. His original charges remain associated with the wanted notice alongside the additional violation of conditions of pretrial release. Federal authorities continue to request information that could help determine his current location.
The case illustrates one of the challenges investigators face when prosecuting international financial crimes involving digital assets. Defendants, investors, companies, and cryptocurrency transactions can span multiple countries, while digital assets can be transferred rapidly between addresses without relying on conventional banking systems. Locating a fugitive in such a case can add another international dimension to an already complex investigation.
Who Is Horst Costa Jicha?
Horst Costa Jicha was born on October 7, 1959, in Germany and is a German national. The FBI describes him as approximately 5 feet 11 inches tall and weighing about 180 pounds, with gray hair and green eyes. He is also known as Horst Jicha.
Jicha was 64 years old when federal prosecutors announced his prosecution in January 2024. Because his current wanted status followed his disappearance later that year, the FBI has relatively recent photographs available to assist with identification. Its current wanted poster identifies one of the photographs as having been taken in 2023.
The FBI has also made Jicha's wanted poster available in multiple languages. In addition to English, versions are available in German, Polish, Georgian, and Portuguese. The international distribution of the wanted material can assist authorities and members of the public outside the United States who may encounter him.
Approximately $150 Million in Cryptocurrency
The amount of cryptocurrency connected with the case distinguishes the USI-Tech investigation from many conventional investment fraud prosecutions. Federal prosecutors stated that much of the missing investor money was represented by Bitcoin and Ether transferred to cryptocurrency addresses controlled by Jicha after the company's American operations ceased. Those assets were valued at approximately $150 million at the time of his arrest.
The transfers became especially important because investors had lost access to their money when USI-Tech ended its United States operations. While the company was no longer providing American customers with access to their investments, prosecutors traced substantial cryptocurrency holdings to addresses controlled by its CEO. The government has made those transactions a central component of its case against Jicha.
The federal charges include money laundering conspiracy in addition to securities and wire fraud offenses. Prosecutors from the Business and Securities Fraud and General Crimes Sections of the United States Attorney's Office for the Eastern District of New York have handled the case. The FBI's New York Field Office conducted the federal investigation.
The Risks Behind Guaranteed Cryptocurrency Returns
The USI-Tech case developed during a period when cryptocurrency markets were still relatively new to many retail investors. Promises of automated trading, Bitcoin mining, and guaranteed returns could appear particularly attractive to people interested in cryptocurrency but uncomfortable managing digital assets themselves. The platform's marketing capitalized on that interest while presenting investment opportunities as accessible to ordinary participants.
Guaranteed returns are a significant warning sign in any investment opportunity because legitimate financial markets inherently involve risk. Cryptocurrency markets are particularly volatile, and the value of Bitcoin and other digital assets can change rapidly. Claims that an investment system can consistently produce guaranteed profits should therefore receive careful scrutiny.
The growth of social media has also given investment promoters the ability to reach enormous audiences quickly. A financial opportunity can spread through online communities, personal referrals, videos, and social networks long before many potential investors have independently verified the claims being made. The USI-Tech case demonstrates how that combination of emerging technology and aggressive promotion can expose large numbers of people to financial risk.
Jicha Remains Wanted
Horst Costa Jicha remains wanted by the FBI for violation of conditions of pretrial release. His federal arrest warrant was issued on October 4, 2024, after authorities lost track of him when his electronic ankle monitor stopped functioning the previous day. The underlying federal prosecution includes charges of securities fraud conspiracy, securities fraud, wire fraud conspiracy, wire fraud, and money laundering conspiracy.
Anyone with information concerning Jicha's whereabouts should contact the FBI directly. Information can be provided to a local FBI field office, while individuals outside the United States can contact the nearest American Embassy or Consulate. Members of the public should not attempt to follow, confront, detain, or apprehend a wanted individual.
Sources
FBI — Horst Costa Jicha Official Wanted Profile:
https://www.fbi.gov/wanted/wcc/horst-costa-jicha/
FBI — Horst Costa Jicha Official Wanted Poster:
https://www.fbi.gov/wanted/wcc/horst-costa-jicha/download.pdf
FBI New York — Wanted and Missing Persons:
https://www.fbi.gov/contact-us/field-offices/newyork/wanted
FBI — Most Wanted White-Collar Crime:
https://www.fbi.gov/investigate/white-collar-crime/most-wanted
