Canadian authorities arrest self-proclaimed 'Crypto King' for $30M fraud

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Aiden Pleterski, the self-proclaimed “Crypto King” from Whitby, Ontario, has been arrested on charges of fraud and laundering the proceeds of crime in Canada.

The arrest follows Pleterski’s collection of millions of dollars from investors, which he allegedly spent on luxury goods instead of investing in digital assets.

During the crypto boom between 2021 and early 2022, Pleterski’s online reputation as a trader led investors to entrust him with C$41.5 million ($30.5 million USD), believing he could make them as wealthy as he appeared to be.

However, a subsequent bankruptcy proceeding revealed that Pleterski’s lavish lifestyle, showcased on social media with hyper cars, rare watches, and private jet flights, was funded by investor money rather than trading profits.

Pleterski’s case later took an unexpected turn in December 2022 when he was kidnapped for three days. Investigations later revealed that one of the kidnappers was a former investor who had actively participated in the bankruptcy proceedings. Five men were subsequently charged in connection with the kidnapping.

According to an October filing, Pleterski invested only a small portion of the funds entrusted to him, with just C$3.15 million recoverable for investors through the bankruptcy process. The Ontario Securities Commission, the provincial securities regulator, announced the charges against Pleterski and another man, Colin Murphy of Oshawa, Ontario, who faces one count of fraud.

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