Canadian Crypto King's assets seized

[Pekelo]

https://news.yahoo.com/23-old-self-described-crypto-220637546.html

A 23-year-old Canadian who calls himself the "Crypto King" reportedly had $2 million worth of assets seized as he's being sued over allegations he defrauded investors.

The seized assets of the man, Aiden Pleterski, include his Lamborghini, two McLarens, and two BMWs, CBC Toronto first reported.

Investors told the publication that at least $35 million given to Pleterski's company, AP Private Equity Limited, went missing. Twenty-nine creditors have a bankruptcy proceeding against Pleterski, and say he owes them almost $13 million,

Pleterski reportedly was renting a lakefront mansion in Burlington, Ontario that he spent $45,000 a month for...

Pleterski said he lost the money he had received between late 2021 and early 2022 "in a series of margin calls and bad trades,"

 

[RedDuke]

One wonders what due diligence investors did ….

 

[M.W.]

I only wonder why this crap is STILL not properly regulated and monitored. We can't rely on the due diligence of stupid people nor those with criminal intent to do the right thing. Dumb people need to be protected from themselves and criminals need to go to prison. Really tired how hardly ever any white collar crimes result in prison sentences but how the government always strikes monetary deals with those frauds. Same as in the aftermath of the financial crisis. Those things are bound to happen, however when there is a big fat revolving door between industry and government/regulators.

One wonders what due diligence investors did ….

 

[Pekelo]

One wonders what due diligence investors did ….

21-22 year old wunderkind investing in high flying crypto, that is good enough for me!!!

What I wonder is: Did he think he can just keep everything he spent the money on?

 

[Fain]

Bitcoin created in 2009 and we are still waiting on regulations. When you delay in creating a regulatory framework, cases like this will happen again and again.

 

[Frederick Foresight]

One wonders what due diligence investors did ….

Due diligence? This is crypto!

 

[RedDuke]

Due diligence? This is crypto!

sure, but at least check who is running the shop at the very least.

 

[The_Krakenite]

Damn, from the title I thought this would have something to do with Quadriga.

By the way, I have the book here... Bitcoin Widow

Just need to get time to read it!

 

[TheDawn]

Bitcoin created in 2009 and we are still waiting on regulations. When you delay in creating a regulatory framework, cases like this will happen again and again.

This is nothing new and it's not specific to crypto. I dunno what to say. I mean yes I sympathize with the victims but really if God doesn't even help those who don't help themselves, why should we? Giving $35 million to a kid just because...?? And he said he's been losing money since 2021 so for an ENTIRE year, they never thought of following up? How many times have we heard the saying "when something is too good to be true, it really is"? Why are people still doing this?? Giving away money earmarked for something important to something that's not even regulated and is not even an investment?

It's a good thing that all of his assets got seized, otherwise what's waiting for him is this:

I do not think these investors like to be f***ed by anybody other than their spouses/lover(s)/girl(boy)friend(s) either.

 

[otctrade]

Ouch.

What always amazes me is how people fork over money after the scammer shows them their supposedly huge account (in this example 300m). First thing that would cross my mind is : " if this guy has control over 300m why does he want my 60 grand? "