According to ChainCatcher, the criminal trial of Aiden Pleterski, who calls himself the "King of Crypto," accused of cryptocurrency fraud, is set to begin on October 5 at the Ontario Superior Court of Justice in Canada. He is alleged to have raised approximately $30 million from investors between 2021 and 2022 by falsely promising "high weekly returns from smart investments." Canadian authorities filed fraud and money laundering charges against him in May 2024. According to CBC News, Pleterski was denied a continuance to secure legal counsel and is expected to represent himself at trial. The proceedings are anticipated to last approximately four weeks; if convicted on the fraud charge alone, he faces a maximum sentence of 14 years in prison. In December 2022, several men—some reportedly victims of the scam—allegedly kidnapped and tortured Pleterski for three days, threatening him and his family, and forcing him to record a video detailing his alleged role in the fraud. Pleterski is one of several prominent figures in the cryptocurrency industry who faced criminal charges during the 2022 market downturn; executives from the now-bankrupt FTX and Celsius have since been charged in the United States.
Canadian 'Crypto King' Aiden Pleterski to Stand Trial for $30 Million Fraud
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Summary
Canadian "Crypto King" Aiden Pleterski faces trial on October 5 in Ontario for a $30 million fraud scheme. Authorities charged him in May 2024 with fraud and money laundering, connecting the case to Countering the Financing of Terrorism (CFT) concerns. Pleterski allegedly promised high returns to investors between 2021 and 2022, draining liquidity and crypto markets. He will represent himself after failing to secure a delay in the trial. The case could last four weeks, with the fraud charge carrying a maximum sentence of 14 years. In December 2022, he was kidnapped and tortured by alleged victims. Pleterski is among several crypto figures charged following the 2022 market crash.
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