Aiden Pleterski, known as the "crypto king" and a prominent figure on social media, is facing charges of fraud over $5,000 Canadian dollars ($3,666) and money laundering following an extensive investigation by Canadian authorities. Alongside Pleterski, his associate Colin Murphy has also been charged with fraud, as announced by the Ontario Securities Commission (OSC) and the police.

Pleterski was taken into custody on May 14 but was released the same day on C$100,000 bail provided by his parents. Meanwhile, Colin Murphy, accused of soliciting investments under false pretenses, was released with a promise to appear in court. The charges against them stem from allegations of fraudulent activities and misleading claims related to investments and profits.

The investigation into Pleterski and his company, AP Private Equity, began in July 2022 following multiple complaints. The authorities conducted a meticulous analysis of financial documents over 18 months, seeking more than 40 court orders to gather evidence. Despite a publication ban on financial details, it was revealed that the fraudulent activities may have persisted until February 2024, leading to the charges of fraud and money laundering.

Despite facing legal troubles, Pleterski continued to lead a lavish lifestyle, reportedly spending millions on personal luxuries like luxury cars, mansion rentals, and private jets. His bankruptcy in August of the previous year exposed financial mismanagement, with allegations of misappropriation of investor funds for personal gain. The trustee overseeing the bankruptcy found discrepancies in fund utilization, prompting legal actions and investigations into Pleterski's financial dealings.

Amidst these legal challenges, Pleterski claimed to have been a victim of kidnapping and torture by an investor and accomplices, resulting in arrests in July 2023. The unfolding legal saga surrounding the "crypto king" underscores the risks and consequences associated with fraudulent activities and financial misconduct in the cryptocurrency industry.