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Ontario Authorities Arrest ‘Crypto King’ Over Suspected Ponzi Scheme

Ontario’s self-proclaimed Crypto King, Aiden Pleterski, and his associate found themselves accused of fraud. This development shocked the crypto community, especially investors who entrusted them with significant sums of money; only to find themselves involved in a financial debacle. 

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Source: Coinbackyard

Pleterski, a young entrepreneur at 25, got arrested for fraud and money laundering in Ontario. The Oshawa courthouse reports this. Despite getting bail, Pleterski has strict conditions. He must surrender his passport and avoid contacting investors. Plus, he can’t discuss finance or trade cryptocurrencies on social media. 

Colin Murphy, Pleterski’s partner, faces similar charges, says the Durham Regional Police. Their arrests follow a 16-month probe named Project Swan. It began after complaints of investment fraud linked to Pleterski surfaced. 

Investigations found Murphy involved. He claimed big profits from smart investments, but police say he misused investors’ funds, much like Pleterski. 

Pleterski’s financial issues started in July 2022. Investors doubted his scheme’s legitimacy. Further checks revealed he spent lavishly on himself while barely investing funds. 

Investors are struggling to recover losses, leading to bankruptcy proceedings led by Grant Thornton, an accounting firm. Recovering assets is tough, with only a fraction found. 

Pleterski’s arrest is a significant moment in this ongoing financial saga. As authorities dig deeper, the fate of investors and the crypto scene remains uncertain. Stay tuned for updates on this story. 

May 16, 2024 at 11:17 am

Updated May 16, 2024 at 11:17 am

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