Canada's self-described "Crypto King," 23 year old Aiden Pleterski, is facing more legal trouble as his investors seek to recover their losses.
Last week, authorities seized $2M in assets from Pleterski, including a Lamborghini, two McLarens, and two BMWs. At the time, Pleterski was renting a lakeside mansion in Ontario for $45k per month.
Pleterski rose to fame during the last bull run by purchasing coverage on news sites and posting pictures of himself doing rich guy stuff on social media. And that image of Pleterski on a private jet that's circulating everywhere: that was provided by Pleterski.
Pleterski took on investors through his fund, AP Private Equity Limited. His investors believed Pleterski was making advanced crypto and forex investments, but at this time it isn't clear what Pleterski actually did with the money. In total, it looks like Pleterski took $35M from 140 investors. Now his firm is bankrupt and Pleterski appears to be in trouble. Through bankruptcy, his investors hope to recoup some of their losses.
Pleterski's representative maintains that the money wasn't stolen, but rather it's missing because the crypto market collapsed.
What I don't understand is how a kid convinced 140 people to give him $35M to invest. He didn't operate a registered investment firm, and he was famous for spending money on very expensive stuff. Why would people give him money?