Canada's 'Crypto King' Aiden Pleterski was allegedly kidnapped, tortured, and held for ransom after scamming investors out of millions of dollars. He was only released under the condition that he immediately pays his kidnappers $3 million and avoids law enforcement.
Pleterski promised investors to invest their money in cryptocurrency and foreign exchange positions, but instead allegedly spent almost $16 million on lavish personal expenses like renting private jets, going on vacations, and buying luxury cars. He only invested less than 2% of the $41.5 million he received. $35 million allegedly owed to investors in a scramble to recoup the money.
Pleterski's bankruptcy proceedings began in August 2022, and $25 million worth of claims have been filed against him. In December, Pleterski was kidnapped, and his trustee was informed by Toronto Police.
While captive, Pleterski requested $3 million from his landlord to pay his kidnappers. Pleterski was released with the condition to pay the ransom and not involve law enforcement.
Pleterski testified that he lost all investments in November 2021 during the crypto markets' reversal from their all-time highs. He claimed to have taken aggressive positions to recover some of the investors' money, but his actions were driven by greed, causing more losses.