Canada’s “Crypto King” scam exposed: C$36 million in investments—and a $311 million account that didn’t exist!
A young man who called himself the “Crypto King” promised investors they could make money through cryptocurrency and forex trading. Some were even promised returns of 3% per week.
That man was Aiden Pleterski, from Ontario, Canada.
Between 2020 and 2022, he raised more than C$36.3 million from investors.
To convince investors of his trading prowess, he also showed them screenshots and videos of a trading account with a balance of more than US$311 million.
But recordings played in court revealed the truth: the supposed US$300 million fund never existed.
Even more shockingly, a forensic accountant testified that investors’ money was not deposited into the FXChoice trading platform, as promised in their contracts.
About C$5.6 million was used to buy luxury cars, C$4.9 million to pay credit card bills, C$870,000 on travel and private jets, nearly C$600,000 on security, and almost C$3.7 million was transferred to his parents.
Another C$16.1 million or so was used to pay other investors.
In other words, some investors’ supposed returns actually came from money contributed by later investors.
On October 29, after deliberating for about 90 minutes, a Toronto jury found Pleterski guilty of fraud. He had consistently denied the allegations and represented himself at trial. The case is now awaiting sentencing proceedings.
This case is another reminder to all crypto investors:
What is truly dangerous is often not market volatility, but the illusion of wealth created through promises of high returns, fake trading records, and the movement of funds.
Remember these three principles:
Don’t trust promises of fixed, high returns. Don’t treat account screenshots as proof of real assets. And never hand your money to someone whose trading records you cannot independently verify.
In the crypto market, returns can be dressed up and accounts can be faked—but the real flow of money doesn’t lie.
A young man who called himself the “Crypto King” promised investors they could make money through cryptocurrency and forex trading. Some were even promised returns of 3% per week.
That man was Aiden Pleterski, from Ontario, Canada.
Between 2020 and 2022, he raised more than C$36.3 million from investors.
To convince investors of his trading prowess, he also showed them screenshots and videos of a trading account with a balance of more than US$311 million.
But recordings played in court revealed the truth: the supposed US$300 million fund never existed.
Even more shockingly, a forensic accountant testified that investors’ money was not deposited into the FXChoice trading platform, as promised in their contracts.
About C$5.6 million was used to buy luxury cars, C$4.9 million to pay credit card bills, C$870,000 on travel and private jets, nearly C$600,000 on security, and almost C$3.7 million was transferred to his parents.
Another C$16.1 million or so was used to pay other investors.
In other words, some investors’ supposed returns actually came from money contributed by later investors.
On October 29, after deliberating for about 90 minutes, a Toronto jury found Pleterski guilty of fraud. He had consistently denied the allegations and represented himself at trial. The case is now awaiting sentencing proceedings.
This case is another reminder to all crypto investors:
What is truly dangerous is often not market volatility, but the illusion of wealth created through promises of high returns, fake trading records, and the movement of funds.
Remember these three principles:
Don’t trust promises of fixed, high returns. Don’t treat account screenshots as proof of real assets. And never hand your money to someone whose trading records you cannot independently verify.
In the crypto market, returns can be dressed up and accounts can be faked—but the real flow of money doesn’t lie.
