Canadian law enforcement officers have arrested the self-proclaimed “crypto king” Aiden Pleterski, the creator of the bankrupt crypto project AP Private Equity Limited, on charges of defrauding investors.

Authorities also charged 25-year-old Aiden Pleterski's co-worker, Colin Murphy, with fraud. Pleterski's arrest followed a 16-month investigation by the OSC and Durham Regional Police Service (DRPS). Pleterski's parents paid bail for their son in the amount of about $73,400, but he had to surrender his passport. In addition, he was ordered not to make publications related to financial matters and not to trade cryptocurrencies.

The Ontario Securities Commission (OSC) said that between 2021 and 2022, Pleterski convinced 160 investors to invest C$40 million (about $30 million) in his cryptocurrency scheme. He promised to invest the money he received in foreign currencies and crypto-assets. However, the accused used only 2% of the funds raised for their intended purpose, embezzling the rest. He spent at least $11.7 million on luxury cars, international travel and renting a mansion. Pleterski often conducted live broadcasts on social networks, showing off his luxurious lifestyle. During the bankruptcy proceedings, two McLarens, two BMWs and one Lamborghini were confiscated from him.

In December 2022, Pleterski was kidnapped by five victims who were victims of investments in this crypto scheme. The young man was held captive for three days, where he was beaten. After his release, he posted a 12-minute video on social media apologizing to his investors, which Pleterski's lawyer later said was coerced. Canadian authorities have already arrested four alleged criminals involved in the kidnapping of the founder of AP Private Equity Limited.

Last year, Canadian police tracked down two teenagers who stole bitcoins and ether worth a total of $4 million. The scammers presented themselves as support employees of the American crypto exchange Coinbase.