Authorities seize $2M in assets from the self-proclaimed ‘Crypto King’ 

A lawsuit has been filed against Aiden Pleterski, a self-described “Crypto King” and 23-year-old Canadian trader, for allegedly not returning at least $35 million to his customers. The Ontarian’s $2 million worth of assets, including two McLarens, two BMWs, and a Lamborghini, have already been taken by authorities.

The so-called Crypto King operated a company called AP Private Equity Limited through which he promised investors significant profits through well-timed cryptocurrency and foreign exchange trades.

As reported by CBC, creditors like Diane Moore invested the $60,000 she had previously set aside for the education of her grandkids. According to the terms of her deal with Pleterski, she would receive 70% of any capital gains generated by the trader and, in the event that things didn’t work out, a complete refund of her initial investment. The deal called for returns of between 10% and 20% every two weeks. Only $10,000 of the initial investment is left, though. Moore stated:

“The whole thing was based on trust. What Aiden has done, I think, is awful — and I don’t know how he can live with himself.”

Moore is one of 29 creditors who are suing Pleterski for $13 million in a bankruptcy proceeding.  About 140 investors who were affected have provided information to Norman Groot, the founder of the fraud recovery legal company investigating the trader. He discovered Pleterski had a lavish lifestyle, with 11 cars, a private plane, and a $45,000 per month lakefront mansion in Burlington, Ontario. Groot stated:

“This guy had a large lifestyle burn rate, but it doesn’t account for the amount of money that’s missing.”

Crypto King believes that the allegations are “wildly exaggerated”

On the other hand, according to Crypto King Pleterski’s lawyer Michael Simaan, the charges made by creditors against the trader have been “wildly exaggerated.”

According to him, the trader started investing in cryptocurrencies as a youngster, and as others learned how much money he was making, they started handing it to him. He did not, however, ever ask for money from others.

Since the bear market started, high-return crypto lenders like Celsius Network and Voyager Digital have failed.