Crypto king Aiden Pleterski to stand trial in Canada for $30 million fraud scheme

The criminal trial for a self-described ‘crypto king’ who allegedly defrauded investors with claims of large profits on digital assets is set to begin next week, more than two years after charges were filed in Canada.

On Oct. 5, Aiden Pleterski, a social media personality who allegedly defrauded his followers out of about $30 million between 2021 and 2022, will appear for his criminal trial in Ontario’s Superior Court of Justice. Canadian authorities charged Pleterski with money laundering and fraud in May 2024 after he allegedly solicited investments and made false claims related to “large weekly profits through savvy investments.”

According to a Monday CBC News report, Pleterski has been unable to secure a delay for his trial to obtain counsel, and is expected to represent himself in court. The trial is expected to run for about four weeks, with the fraud charge alone carrying a maximum sentence of up to 14 years in prison if he is convicted.

Pleterski was one of many high-profile crypto industry figures to face criminal charges over alleged actions in 2022, during a market downturn and as several companies filed for bankruptcy. Executives with defunct crypto platforms FTX and Celsius later faced charges in the US.

In December 2022, several men, some of whom were reportedly victims of his scheme, allegedly kidnapped and tortured Pleterski for three days. The individuals reportedly demanded Pleterski pay them, threatening his life and his family, and forced him to speak on video about his role in the alleged fraud.