Canadian crypto king risks long prison sentence: jury decides

Canadian Aiden Pleterski, who calls himself the ‘crypto king', may face a long prison sentence. He is accused of embezzling tens of millions of dollars from investors through a fraudulent investment program. The jury will consider his guilt or innocence on Thursday.

Prosecutors say Pleterski seized about $30 million from people who followed him on social media between 2021 and 2022.

Investors entrusted him with their money because he promised to use it to trade in crypto currencies and foreign currencies. However, according to the Public Prosecution Service, he used the money largely for his own expenses and to repay other investors.

Pleterski was charged with fraud in 2024. During the Toronto trial, he defended himself, without a lawyer.

On Wednesday, he addressed the jury during his closing statement. In doing so, he insisted that he was innocent.

“I am innocent of these accusations. That's why I pleaded innocent. If I hadn't been forced to defend myself, that would have been proven,” Pleterski said, according to CBC.

Judge Shaun Nakatsuru gives the final instructions to the jury on Thursday, after which the deliberations begin. If Pleterski is found guilty, he risks a maximum of fourteen years in prison.

The case has already taken a remarkable turn. In 2022, Pleterski was kidnapped and abused by a group of men. Some of them would have lost money themselves through his investment program.

Five men were charged with their involvement in the abduction and assault.

One of them, Deren Akyeam-Pong, has now pleaded guilty to nine criminal offences. His sentence has yet to be determined.

The case is reminiscent of other major fraud scandals within the crypto sector. For example, former FTX CEO Sam Bankman-Fried was sentenced to 25 years in prison in the United States for fraud.

No decision has yet been made for Pleterski. The jury must first determine whether the allegations against him have been proven.