Benzinga - Five men have been charged with kidnapping Aiden Pleterski, Ontario’s self-proclaimed “crypto king,” as they sought to recover their alleged misappropriated investments.
What Happened: This news came to light on the same day that CBC Toronto obtained a distressing video showing Pleterski battered and bruised, providing an account of what transpired with the money and apologizing to investors.
Among the accused is Akil Heywood, a 39-year-old who claims to have lost $740,000 to the “crypto king.” Heywood and his four alleged accomplices are said to have allegedly kidnapped Pleterski in December of last year.
According to CBC, Pleterski discloses that he suffered losses amounting to nearly $45 million due to investments in cryptocurrency during the market crash in November 2021. He expresses regret for not being truthful with investors when the crypto market began to decline. The video shows Pleterski visibly injured, with numerous bruises.
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Why It Matters: Pleterski’s case is currently part of a year-long bankruptcy proceeding, where investors are attempting to recover over $40 million that was lost under the “‘crypto king’s” management. A bankruptcy report from this year reveals that Pleterski himself had only invested $670,000, a mere 2% of the total funds, into cryptocurrency.
Instead, it is alleged that he squandered around $16 million on extravagant expenses like private jet bookings, luxurious vacations, and luxury car purchases.
Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $30,032, down 0.24% in the last 24 hours, according to Benzinga Pro.
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