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Canada's "Crypto King" arrested for $30M Ponzi scheme! 👑🚔

Canada’s “Crypto King” arrested for $30M Ponzi scheme! 👑🚔

Shocking Arrest: Alleged $30 Million Ponzi Scheme Unveiled

Aiden Pleterski, self-proclaimed “Crypto King”, and his associate, Colin Murphy, both arrested for allegedly defrauding investors of $40 million Canadian dollars in a Ponzi scheme related to cryptocurrencies and the foreign exchange market.

  • 16-month investigation named Project Swan led to fraud and money laundering charges against Pleterski and Murphy.
  • Pleterski and AP Private Equity Limited raised $40 million from 160 investors promising profitable crypto investments.

Massive Spending on Luxury Items

Court documents reveal that only 2% of the funds were invested, with over $16 million spent on luxury items by Pleterski.

  • Expenses included 10 luxury cars, international trips, and an $8.4 million lakefront villa rented at $45,000 per month.
  • During bankruptcy, two McLarens, two BMWs, and a Lamborghini were seized.

Pleterski, a streamer, documented purchases and vacations in online videos, including a $150,000 investment in Lego sets.

Kidnapping of the Alleged Crypto King

In December 2022, Pleterski was kidnapped, beaten, and tortured by five alleged victims of the Ponzi scheme. They demanded a $3 million ransom for his release.

  • Pleterski was held for three days and released after the ransom was paid.
  • A video of him apologizing to investors while bruised and swollen was posted on social media.
  • Four kidnappers were arrested and charged.

Latest Developments

During bankruptcy proceedings, Pleterski described himself as “a disorganized twenty-year-old boy,” admitting to financial mismanagement.

  • Released on $100,000 bail, supported by his parents, with strict conditions.
  • Conditions include surrendering passport, no social media posts about finances, and no crypto trading.

The Ontario Securities Commission will provide further details on the case soon.

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Canada's "Crypto King" arrested for $30M Ponzi scheme! 👑🚔