From raising more than $40 million in investment to being kidnapped, arrested, and charged, Ontario's "Crypto King" Aiden Pleterski has experienced some incredible highs and lows that mirror the volatile nature of cryptocurrency during its early days.
While most consumers will be exploring the latest crypto news to discover current valuations and information that might impact investments, another story that has captured the attention of Canadians is that of Aiden Pleterski, the 25-year-old at the centre of a $40 million investment fraud investigation.
Pleterski's first experience with cryptocurrency came when he was still a high schooler and was used for in-game video game purchases. Inspired by the luxury lifestyles of content creators, he explored investment opportunities and began with money from family members.
For the next few years, he displayed a similar social media persona as those that inspired him, posing around the world with sports cars and taking private jets.
However, 2022 saw cracks begin to appear in this veneer and investors who had trusted the young entrepreneur with their money began to demand investment details.
A series of lawsuits followed with allegations that money had been misappropriated and in the Summer of 2022 his assets were frozen and his company was ordered into bankruptcy.
During his bankruptcy proceedings, it emerged that Pleterski had raised $41.5 million from investors. This money was raised under the understanding that it would be invested in foreign markets and cryptocurrency.
A spokesperson for the Ontario Securities Commission revealed that Pleterski was not registered with any of Canada's security regulators. Canada has been proactive in regulating the crypto market and its trade in the country, providing consumers with greater levels of safety.
All crypto exchanges are required to register with regulatory bodies and must comply with counter-terrorist financing and anti-money laundering regulations, Pleterski's failed to register with a territorial securities regulator.
By December 2022, some investors had reached breaking point and Pleterski was kidnapped with the abductors demanding a ransom. He was eventually released and five men were arrested by the Toronto police, one of which was an investor.
Pleterski was not the only one to suffer as a result of his actions with Oklahoma City Thunder player Shai Gilgeous-Alexander and his wife Hailey Summers facing threats after moving into his old property.
Attempted break-ins and the appearance of someone looking for Pleterski saw the couple being forced from their new home, with the sale eventually being voided.
May 2024 saw the eventual arrest of Pleterski following the joint investigation by the Ontario Securities Commission and Durham Regional Police Service named 'Project Swan'.
Pleterski and associate Colin Murphy have both been charged with fraud over $5,000, with Pleterski also facing a charge of money laundering. Pleterski could face as long as 14 years in prison if he is convicted.
He has currently been released on $100,000 bail and the terms of this release have forced him to surrender his passport, avoid contact with investors, and ban him from trading or buying crypto or posting financial-related matters on social media.