Full Breakdown
Aiden Pleterski’s Fraud Trial Reveals Alleged $4.5 Million Crypto Ponzi Scheme
By Drooid · · How we work
Core Event: Trial of Self-Represented “Crypto King”
The Ontario Superior Court of Justice is hearing the fraud and money-laundering case against 27-year-old Aiden Pleterski, who describes himself as the “Crypto King.” Pleterski, arrested in May 2024 after a joint investigation by Durham Regional Police and the Ontario Securities Commission, has pleaded not guilty to fraud over $5,000 and to money-laundering. The Crown alleges he promised investors guaranteed returns while diverting their funds to personal expenses, including exotic cars and private-jet flights.
Investment Scale and Alleged Returns
Real-estate developer Sacha Singh testified that he signed an initial $10,000 cash contract with Pleterski in April 2021 and subsequently entered 22 additional contracts, totaling more than $4.5 million over ten months. Wire-transfer receipts confirm contracts ranging from $10,000 to $1.3 million; a few were paid in cash. The other ten Crown witnesses together reported roughly $2.3 million invested, most of which they have not recovered.
Witness Testimony Highlights
- “I know a lot of big entrepreneurs in the crypto space are younger kids,” — Sacha Singh, king’ and investor – Singh noted his perception of Pleterski as a “sharp kid” who could become a crypto unicorn.
- Singh kept a spreadsheet showing weekly gains of 3 % to nearly 11 %, which by March 2022 suggested his investment had grown to more than $26 million—though he never received those returns.
- He received $700,000 back after requesting a $1 million withdrawal in November 2021; the remaining $300,000 was recorded as Pleterski’s fee.
- “It only kept going down from there,” — Mitchell Learning, another investor – Mitchell Learning, another investor, testified that Pleterski’s trading results prompting him to describe the operation as a Ponzi scheme.
Official Statements & Responses
Crown prosecutor Scott Patterson questioned Singh about continuing to invest if he knew the $700,000 return was simply his own money returned, to which Singh answered “No.” Pleterski, representing himself, claimed the $700,000 came from the FXChoice platform, but later admitted he had been paying investors “out of pocket” because the platform was not disbursing funds.
Current Status
Pleterski has so far cross-examined only one of the dozen Crown witnesses. The trial remains ongoing, with the jury hearing further evidence about the alleged Ponzi structure and the fate of the investors’ funds.
