Canada’s “Crypto King,” Aiden Pleterski, was recently kidnapped, tortured, and held for ransom for $3 million. Pleterski had been petitioned into bankruptcy last August due to allegedly running an investment scheme, and since then, $25 million Canadian worth of claims have been filed in his case.
The 23-year-old had told investors that he would pool their money together and invest it in cryptocurrency and foreign exchange positions. However, of the $41.5 million he received, Pleterski had reportedly invested less than 2% of the total amount — approximately $670,000. Meanwhile, he allegedly spent close to $16 million on his personal expenses, such as renting private jets, going on luxurious vacations, and purchasing exotic vehicles like a Ferrari, four Audis, three Lamborghinis, three McLarens, a Land Rover, and a BMW.
In December, Pleterski’s bankruptcy case trustee, Rob Stelzer, was notified by the Toronto Police that Pleterski had been kidnapped. Documents filed on March 14 included testimony from Pleterski’s father, Dragan Pleterski. Dragan testified that his son was taken, held for three days, and driven around various parts of Southern Ontario while being beaten and tortured. He was only allowed to make specific phone calls to specific people. One of the people he contacted while in captivity was his landlord, Sandeep Gupta, asking for $3 million to pay his kidnappers, according to the court documents.
Pleterski’s father testified that his son was eventually released under conditions to quickly find money to pay his kidnappers and refrain from contacting law enforcement. “He was released with the threat that he needed to come up with some money fast, and if he had gone to the police, there would be a lot more trouble,” Pleterski’s father said.
According to Pleterski’s testimony, his troubles began in November 2021, when he claimed to lose all his investments just as crypto markets began to reverse from their all-time highs. As his losses began to mount, he said he took aggressive positions to try and “get some people their money back.” “I essentially tried to redeem myself […] but obviously in doing so, I guess you could say greed took over,” he testified. “I was trying to make returns that obviously weren’t feasible or weren’t necessarily possible at the time, and it just caused more losses.”
This incident has further highlighted the risks associated with cryptocurrency investments and the need for regulatory oversight. The lack of oversight in the industry has led to a rise in fraudulent schemes and criminal activities, leaving investors vulnerable to financial losses and personal safety risks.
Moreover, Pleterski’s case reveals how easy it is for individuals to manipulate investors and run fraudulent schemes in the cryptocurrency market. The lack of transparency in transactions and the anonymity of digital assets make it easier for individuals like Pleterski to scam unsuspecting investors. In fact, Pleterski’s case is not unique as there have been several instances where individuals have used cryptocurrency to launder money and conduct illegal activities.
Thus, it is crucial for investors to exercise due diligence before investing in cryptocurrencies and ensure that they are dealing with legitimate and licensed investment firms. Regulatory authorities should also enhance their monitoring and enforcement efforts to crack down on fraudulent activities and protect investors’ interests.
In conclusion, Pleterski’s kidnapping and torture case is a cautionary tale for investors and regulatory authorities. It is time for the cryptocurrency industry to be regulated to prevent such incidents and protect investors. Furthermore, investors should be vigilant and conduct proper research before investing in the cryptocurrency market to avoid being victims of fraudulent schemes.
