Crypto King’s Lavish Lifestyle Funded By Scene+ Loyalty Points Amid $40-Million Fraud Allegations

Aiden Pleterski, the self-proclaimed Crypto King of Whitby, Ontario, is accused of funding a luxurious lifestyle using loyalty points and the generosity of friends, despite owing $30 million to creditors. The 25-year-old allegedly defrauded investors out of $40 million, investing a mere fraction of the funds while splurging on sports cars, homes, and lavish trips documented on social media.

Grant Thornton, the court-appointed trustee, revealed in a recent report that Pleterski spent $16 million on luxury goods, with only about 2% of the received investments actually invested. The trustee’s investigation has brought to light Pleterski’s extravagant expenditures on items such as a $300,000 watch and virtual goods in the game Counter-Strike.

“Given Pleterski’s history and continued lack of cooperation, the Trustee is very concerned that Pleterski’s continued travel and extravagance is being funded by assets that should be surrendered to the Trustee,” wrote Jake Wiebe, senior vice-president at Grant Thornton.

Despite filing for bankruptcy in late 2022, Pleterski maintained an expensive lifestyle, claiming his trips were funded by Scene+ loyalty points and his parents. Scene+ points, which are non-transferable and have no cash value, were allegedly used to pay for $1,000-a-night hotels and flights, a fact Pleterski initially did not disclose as he believed they were not required to be reported as assets.

Pleterski was arrested in May on charges of fraud over $5,000 and money laundering by Durham Police and is currently out on $100,000 bail paid by his parents. The trustee plans to oppose the discharge of Pleterski’s bankruptcy at a hearing scheduled for June 6, citing his non-compliance and potential asset concealment.

Pleterski’s social media accounts, filled with images of his global escapades and high-end purchases, are now pivotal evidence in the investigation. His posts, once a sign of crypto success, now bolster the allegations of fraud and asset hiding.

In his defense, Pleterski claims the flights and accommodations were gifts from friends and influencers who invited him to events, stating his presence boosted their engagement. He also asserts that his Scene+ points and virtual goods were legitimate and not part of his concealed assets.

Pleterski’s attempt to transition to a content creator and streamer has been scrutinized by the trustee, who is investigating his revenue from these activities. Although Pleterski claims he is not yet generating revenue from streaming, his involvement in high-value virtual transactions on platforms like Steam has raised further suspicions.

As Pleterski’s bankruptcy discharge hearing approaches, the trustee remains focused on recovering assets and ensuring compliance. Pleterski is also scheduled to appear in court on criminal charges on June 10.

Information for this story was found via CBC News, Grant Thornton, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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