Aiden Pleterski, who called himself the “Crypto King,” is now on trial in Canada for fraud and money laundering.

One of the investors who testified in court said he gave Pleterski $150,000 in 2022. He said he was promised that his investment would be protected, but he never got his money back.

According to the prosecution, Pleterski was supposed to invest the money in crypto and foreign exchange trading. Instead, they claim he used investors' money to fund his lifestyle, including exotic cars, private jets, expensive shopping and credit card bills worth millions of dollars.

One investor showed the court a spreadsheet that appeared to show his $50,000 investment growing to almost $90,000 in just a few months.

The spreadsheet showed returns of around 5% every week.

And this is where two things really stand out to me.

First, how can anyone believe a promise of 5% profit every week?

That is an insane return and should be a huge red flag. It is so unrealistic that, honestly, it screams scam.

The second thing is even more interesting.

Despite how naive some of the investors may have been, how can Aiden Pleterski plead not guilty when the prosecution claims he was using investors' money to pay for luxury cars, private jets, shopping and massive credit card bills instead of investing it?

Of course, Pleterski is legally entitled to plead not guilty, and the court still has to decide whether he is guilty or not.

But from the outside, this whole story is pretty crazy.