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“Crypto king” kidnapped and tortured after scamming investors off $29m

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1679854520 425 cryptonews sixties retro futuristic illustration of a hacker

1679854520 425 cryptonews sixties retro futuristic illustration of a hacker

Aiden Pleterski, a 23-year old “crypto prodigy, was abducted and tortured after reportedly scamming investors off $29m.

Pleterski, a crypto king, abducted and tortured

On Mar. 26, it was reported that after Pleterski scammed investors, he proceeded to splash $12m on, among other things, fast cars, a luxury vacation, and financing a lavish lifestyle.

Pleterski is going through a bankruptcy proceeding in Canada as authorities try to recover the $29m he skimmed off unknowing investors. So far, only $1.9m has been recovered. 

Government details revealed that Pleterski was abducted in December, and it was not immediately clear who was behind it. However, what has emerged is that a $3m ransom was asked, and Pleterski had been driven to Ontario, where he was beaten and tortured.

Though he was released, kidnappers wanted to have their cash as fast as possible else they could inflict more harm.

As of writing, police in Toronto are yet to arrest anyone. 

Cryptocurrencies remain a new asset class with comparatively low adoption rates versus traditional products. Regulators across the globe, including in Canada, are coming up with regulations to streamline, among other things, the conduct of crypto businesses and investment schemes.

Though businesses and schemes might get approvals to operate, the anonymous nature of crypto transactions coupled with the sometimes low understanding of how the technology works places millions of interested users at a disadvantage.

Canadians warned to be cautious

Early this year, the Nova Scotia Securities Commission warned people of a “pig butchering” scheme, which has seen Canadians and United States citizens cumulatively lose billions of dollars. 

Though the commission wants people to be cautious and avoid being scammed, it also disclaimed that it would be hard for them to recover lost funds. Unlike fiat transactions that can be reversed, any crypto transfer via a public network is immutable and can’t be recovered.

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