‘Crypto King’ has seized luxury cars after $35 million disappeared

Five luxury cars, including two BMWs, two McLarens and a Lamborghini, have been seized by 23-year-old Aiden Pleterski, the self-described “crypto king” of Canada, during bankruptcy proceedings, according to a new report from CBC. But those cars are only worth a fraction of the $35 million Pleterski allegedly took from investors who thought he was going to make them rich in the cryptocurrency market, and it’s not clear if they’ll ever see their money again.

Pleterski and his company AP Private Equity Limited are facing at least two civil lawsuits after 140 people have come forward to say they invested a combined $35 million with Pleterski. Those people believed they were investing in cryptocurrency, and Pleterski’s online presence — including photos of the 23-year-old on private jets and next to luxury cars — helped create the image that he knew what he was doing.

Pleterski’s YouTube channel and Instagram account has been deleted, but it appears he bought articles on sites like Forbes.mc and the far-right news media Daily caller to have his name associated with success in crypto investing.

The December 2021 Daily Caller article includes a photo of Pleterski looking at his phone in what appears to be a private jet. In particular, December 2021 was a time when cryptocurrencies such as bitcoin and ethereum traded close all-time highs. The headline reader“Aiden Pleterski: Meet the Young Canadian Investor Taking the Crypto World by Storm.”

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Despite a message that the article is from a “Featured Partner”, many people do not understand that such articles are bought and paid for – a practice that has a long story. The text of the Daily Caller article about Pleterski is pretty ridiculous and full of grammatical errors, but might have been enough to convince some people with no crypto experience that he was an up-and-coming entity that could make them rich.

An excerpt from the Daily Caller, complete with the original errors:

It’s safe to say that Aiden Pleterski is not your average 22-year-old. He had an early start in the crypto market and is quickly becoming one of the most influential and well-respected traders in the game today. Born in Whitby, Ontario (Canada), Aiden has been diving deep into the cryptocurrency world ever since 2015. As an avid player, he got to know crypto early and it didn’t take him long to become familiar and knowledgeable about its dynamics and the knowledge of trading online. Initially, cryptocurrencies were a way for him to pay for in-game items more strenuously, but later it became a wider interest for him, as crypto became a big part of his actual life, and not just something he would use for in-game purchases or benefits!

Another grammatically challenged section of the article explains that bitcoin could not suffer severe fluctuations in price, a rather ridiculous claim to anyone familiar with bitcoin’s history.

What makes cryptocurrency so special is the fact that its value is not as likely to fall as other more traditional currencies. The main problem with common currencies is the fact that if a country or entity needs more money, they can simply print some more, and therefore cause a huge change in value in the market.

Pleterski’s article also claimed that bitcoin is finite, which is a common defense of the cryptocurrency. And while that is technically true, there is nothing finite about the number of cryptocurrencies that can be created.

However, the whole concept of something like Bitcoin is that the amount of coins available is actually limited, meaning that those who hold and trade bitcoin are not going to experience large fluctuations in value due to new amounts of money being printed to meet. demand, which in turn will lead to a weakening of the given currency. With an in-depth knowledge of what makes cryptocurrency so valuable and unique, Aiden has been able to make all the right moves and is constantly at the forefront of anticipating investment trends and capitalizing on the value of his ever-growing portfolio and growing crypto assets.

The question remains whether Pleterski actually invested any of the money in crypto to begin with, talking about how strange the crypto market has been over the past year. For all anyone knows, Pleterski may have actually invested the money and lost it like so many others since the peak of November 2021. Bitcoin is down 56% from its price a year ago, while ethereum is down 57%. Pleterski insists that he invested the money, but that he is just bad at record keeping.

But some investors suspect Pleterski didn’t even bother to invest the money, instead pocketing it for himself, according to people who spoke to the CBC.

“I don’t know if he ever really traded,” said Diane Moore, a woman who invested $60,000 with Pleterski. CBC. “Or was this his plan and it was just the story to get me with other people?”

Investors are trying to get their money back through bankruptcy court and two civil suits, but no charges have been pursued, although some have reported their incidents to Toronto police, according to the CBC.

Pleterski’s attorney did not immediately respond to a request for comment early Wednesday. We’ll update this article if we hear back. If you gave money to Canada’s “crypto king,” we want to hear from you. Did the ads Pleterski bought play a role in your decision to trust him with your money?