November 5, 2024

Taylor Daily Press

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US Charges Germany With 0 Million Crypto Fraud – BLOX

US Charges Germany With $150 Million Crypto Fraud – BLOX

US authorities are charging a German businessman with setting up a crypto pyramid scheme in which he allegedly swindled $150 million. It's about German Horst Zicha, who has now been charged with securities fraud, cable fraud, money laundering and a multi-million dollar crypto scam.

USI Tech, a German platform, is said to make investing in crypto easier and more accessible. In fact, they paid with the customers' money.

A classic multi-level marketing scam

Instead of investing in the crypto market, the company implemented a multi-level marketing plan. These are programs designed to encourage investors to recruit other investors and buy products advertised as cryptocurrencies.

“In 2017, Horst brought Jicha to the United States and aggressively marketed to American individuals through social media and personal presentations touting guaranteed high income and making false claims about the platform's legitimacy,” he said. to write Solicitors.

Most of the missing capital, estimated at around $150 million in Ethereum and Bitcoin, was sent to addresses controlled by Horst Zicha on the day of his arrest.

Jicha fled the United States after USI ceased technical operations, but was captured nearly five years later in December 2023; While trying to take a vacation in Miami, USA.

Be careful

The moral of the story in this case is that investors should be careful. Be aware of the dangers of the digital world and understand that you can't trust most people on the Internet.

Choose trading platforms that comply with laws and regulations and invest only in schemes that adhere to those rules.

If an investment seems too good to be true, it probably is and you really should run away. Horst Jicha fraud case is another good example of this. If you want to invest in Bitcoin safely, choose a platform that complies with all laws and regulations.

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