Aiden Platersky, 23, a “crypto prodigy,” was kidnapped and tortured after defrauding investors of $29 million.
Pletrsky, the king of cryptocurrency, has been kidnapped and tortured
On March 26, it was mentioned After Pletrsky conned the investors, he proceeded to pour $12 million into, among other things, fast cars, a luxury vacation, and financing a lavish lifestyle.
Pletrsky is going through bankruptcy proceedings in Canada as authorities try to recover $29 million he lost from unknown investors. To date, only $1.9 million has been recovered.
Government details of the Pletrsky kidnapping were revealed in December, and it was not immediately clear who was behind it. However, what emerged was that a $3 million ransom was demanded, and Pleterski was taken to Ontario, where he was beaten and tortured.
Although he was released, the kidnappers wanted to get their cash as soon as possible or else they might cause more damage.
As of this writing, police in Toronto have not yet arrested anyone.
Cryptocurrencies remain a new asset class with relatively low adoption rates versus traditional products. Regulators around the world, including Canada, are creating regulations to simplify, among other things, managing crypto businesses and investment plans.
While companies and schemes may get approvals to operate, the anonymous nature of cryptocurrency transactions coupled with a sometimes low understanding of how the technology works puts millions of interested users at a disadvantage.
Canadians have been warned to be careful
Early this year, the Nova Scotia Securities Commission warned People in the “pig slaughter” scheme, which cumulatively saw Canadians and American citizens loses Billions of dollars.
Although the commission wants people to be careful and avoid being scammed, it also denied that it would be difficult for them to recover the lost funds. Unlike legal transactions that can be reversed, any crypto transmission over a public network is immutable and cannot be recovered.