Luxury cars seized from 23-year-old 'Crypto King' as investors try to recoup millions | CBC News

  1. Targeting 10-20 percent biweekly gains and a guarantee the initial investment would be repaid. Defrauding people is absolutely wrong but boy are people gullible.

  2. According to my shitty calculations after 10 yrs an initial $20,000 investment would compound into $181 billion. Grandkids could go to Mars University with that kinda scratch

  3. “if it sounds too good to be true….” these scammers don’t just sell the “returns”, some of the IG crypto bros i’ve seen also sell the lifestyle (even tho they’re faking it). that’s what gets some ppl really sucked in

  4. its honestly sad and disappointing how many adults are uneducated about the investing world. they have no idea that those sorts of promises are impossible to achieve.

  5. It's actually hard for me to muster much sympathy for people who heard that pitch and thought "that sounds reasonable to me".

  6. All provided a 23 year old can keep on top of everything and bitcoin never decreases in value... its your own fault dummies.

  7. Like if this was true, you would have to be an absolute moron to do anything else with your money, and thus everybody would put all their money into this and everybody would become mega billionaires and money wouldn't really mean anything anymore because everybody would just have all the money they need and our money would turn into Venezuelan Bolivars? Do people not think like this?

  8. They should not be helping these "investors", were just Incentivizing more people to bet on very risky assets...give the millions to some public housing/services fund

  9. A guarantee that your initial capital would be returned is absolutely laughable. He was definitely preying on desperate, ignorant people.

  10. Giving tens of thousands of dollars to a dude in his early 20s to help you get rich quick on crypto and foreign assets?

  11. I read the article and couldn’t help but think just how stupid and/or financially illiterate you have to be to believe anyone can achieve such returns.

  12. From the article, they had an agreement which included "target capital gains of 10 to 20 per cent biweekly". It's still a little stunning that people would believe that this is possible over the long term. Play stupid games.....

  13. The 60K that the person invested at that rate of return would turn into a sum greater than the entire economic output of the planet in about 7 years.

  14. That's the word I was looking for, thank you! Was thinking how anyone can do this as I certainly wasn't born with the "deal maker" gene.

  15. It's easier to destroy than it is to build. Think about it, to make a life it takes 9 months to birth it, then you have to raise it, protect it, hope no bad luck stops it prematurely, and when that life seeks independence you have to hope it survives in the world and can achieve independence.

  16. When asked why he continued to invest money when he knew he couldn't repay his current investors, Pleterski told the meeting he "was a 20-something-year-old kid."

  17. Had someone on reddit randomly message me like they wanted to be friends (picture of an attractive lady). Naturally i was skeptical but figured i wanted to at least know what the scam was. After a few days "she" revealed that she lived off of crypto and just went to the ATM 2 -3 times a day to pick up thousands of dollars, and that was her only job. They're just trying to sucker anyone into giving them money by appearing to be successful.

  18. Classic Ponzi scheme with a new twist. He can easily hide all the crypto and declare bankruptcy. Even if serves a couple years that is still millions of dollars of untraceable money.

  19. Can’t even hide crypto much more easily than cash these days. The Treasury department has a computer program that can trace the tokens all the way back. This kid is going actually bankrupt.

  20. This guy could have played this so much better… put $35m into a HISA and he could have made like $500k in interest without possibly getting into this mess?

  21. It’s true that a “20 something kid” raising over $20m is quite impressive. That’s the thing that always bothers me about these stories. The fraudster is obviously somewhat talented and could make a fine living in the “legit” business world if he wasn’t so greedy and immoral.

  22. This just goes to show how fucking stupid people are. How did they even manage to acquire that much money to invest?

  23. Just for the record. I have never owned a watch worth more than $600,000 either. I spent 35 on one once and thought that was too much.

  24. And in the photo he's wearing a "Jacob & Co. Astronomia" which can fetch up to 2.5 million dollars in the grey market with an average price of around 700k - 1M. Its retail price is about 900k CAD.

  25. Yes, especially such ridiculous gains. Sometimes I get a little upset with my financial advisor because they are wish washy saying what to put money into, that's what I pay you for! But they are being realistic, not promising anything

  26. People just look at him and how he’s living and want the same, so they throw their money in his direction. If people weren’t so greedy and desperate to show off this wouldn’t happen. Look at exactly what he does with his money, buys depreciating objects (cars) and pays $45,000 in RENT. Anyone that knows anything about money would know that this guy is a clown based on those two foolish financial decisions alone!

  27. I think that is the main appeal of crypto. Ppl look at these dbags and see them acting rich without having to actually earn the money and think why not me too.

  28. I’m happy it’s out. These things fester because we all say how can you be so stupid! That’s why grandma won’t tell you when she’s scammed because she will feel ashamed. So yeah right now you are lucky if money you invest keeps up with inflation and the only person getting rich fast is the person you give it too but let’s try to be humble because we can all get scammed at any time.

  29. If that is the same shitbird that likes to drive around Burlington revving his engine every 10 seconds, then good riddance. If it isn't, then good riddance anyway.

  30. I'm perpetually amused by these libertarian crypto-bruhs who invest in crypto to avoid paying taxes but then rely on the tax-paid-tools-of-the-state to fix the mess they got themselves into.

  31. Oh, they'll be paying soon enough, when the blinders get ripped away and a critical mass of people realizes that cryptos are fairy dust. It's coming, and I think its timing will be pretty closely correlated to the Russians decisively losing the Ukraine War. Bitcoin was tailor-made for oligarch money-laundering. When all the Russian oligarchs are dead or in jail, the crypto framework will disappear, and all that "value" will crash faster than Dutch tulip futures did in the 17th Century.

  32. Crypto slime like this cretin only prove my belief that crypto is nothing more than a fully electronic Ponzi scheme 🤷‍♂️

  33. There was a news story on CTVNEWS about an Ontario woman who lost $750k to an online investment scam pretending to be Elon Musk with the voice copying technology. Sometimes I get text messages from numbers I don’t know claiming I got a cheque from the government, but I know they’re scams trying to drain your bank account.

  34. According to this thread, 23 year olds are dumb and cannot be trusted. Do you guys realize majority of cons are pulled by boomers in trillions. Right?

  35. I didn’t get that from this thread. I got this 23 year old did something shitty, got caught. All cons are shitty...regardless of age. What bothers me even more is the culture around bit coin, like the almost religious belief and protection system that has been shored up around it.

  36. Most 23 year olds lack general life and investment experience. Not to say there aren't some very smart 23 year olds who do very well in investing, but if you're trusting your life savings with someone, you're better off with an experienced professional.

  37. As per the contracts he drafted up, yes, that's the deal he made. He was however running a ponzi scheme and had no intention for gains on these "investments". He preyed on idiots. Who in their right mind hears 10-20% biweekly and doesn't run for the hills?

  38. I mean lot of bots out there saying it worked into their comment section and people fall. 10-20% so massive it’s a scam even a 2% increase every month would mean after a year it would be over 2000% . So yeah too good to be true

  39. They are seizing his assets and liquidating them to return to those who were defrauded (after the bankruptcy lawyers of course).

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