Aiden Pleterski, also known as the "Crypto King," and his partner, Colin Murphy, have been arrested and charged with allegedly defrauding investors of $40 million CAD (about $30 million USD) in a cryptocurrency and foreign exchange investment scam.
Earlier this week on Wednesday, the Ontario Securities Commission revealed that Aiden Pleterski, 25, known as the "Crypto King," is facing fraud and money laundering charges. The commission also charged his colleague, Colin Murphy (27), with fraud. It stated Pleterski squandered investors' money on a lakeside house and a fleet of expensive cars. Among them was a Lamborghini, the Italian sports car totemic of crypto-based wealth.
The criminal allegations filed against the two Canadians are part of a 16-month investigation dubbed Project Swan. It coincides with a high-profile bankruptcy case involving their alleged investment fraud scheme.
According to court filings and local media sources, Pleterski and his company, AP Private Equity Limited, received roughly $40 million CAD from 160 investors between 2021 and 2022 to invest in cryptocurrency and foreign exchange markets. Some investors apparently took out loans to fund their investments with Pleterski.
According to the findings of the bankruptcy trustee, Pleterski only invested two percent of the funds that he was given. He spent at least $16 million on personal luxury items in the interim. Among them were: International trips to the US and UK; more than 10 luxury cars, including two McLarens, two BMWs, and a Lamborghini. renting a lakefront property worth $8.4 million for $45,000 a month.
Aiden Pleterski, a self-proclaimed "Crypto King" and occasional livestreamer, has exposed his lavish lifestyle on social media. He bragged of travels to Los Angeles, London, and Miami, where he drove rental Lamborghini and McLarens. In one film, Pleterski was seen assembling a Lego Titanic model. During it, he claimed that he had spent $150,000 on Lego since 2021.
Throughout the bankruptcy proceedings, Pleterski portrayed himself as a "20-something-year-old kid". He revealed to creditors that he was messy and did not keep financial records or track payments, CBC reported.
Meanwhile, in December 2022, a group of individuals involved in Pleterski's operation allegedly kidnapped the self-proclaimed Crypto King. According to reports, the group held him captive for three days, torturing and beating him.
The kidnappers reportedly sought a $3 million ransom for his release. Although Pleterski was later released, a 12-minute video emerged on social media showing him injured and wounded. He apologised to his investors in what his lawyer termed as a forced apology. Four of the suspected kidnappers have since been apprehended and charged.