Duped investors of Ontario ‘crypto king’ cause mansion sale reversal

—, ,
—by Protos Staff

Canadian NBA basketball star Shai Gilgeous-Alexander has won a lawsuit reversing his purchase of an $8.4 million mansion after threatening strangers kept visiting the property looking for its previous tenant: Ontario’s self-proclaimed ‘crypto king.’

Gilgeous-Alexander filed the lawsuit earlier this year. He claimed the estate agents had misrepresented the property as “private and secure” and failed to disclose a “safety risk.” The pro-athlete claimed strangers threatened to burn down the property, attempted to break in, and bothered owners in pursuit of ‘crypto king’ Aiden Pleterski.

Gilgeous-Alexander won the lawsuit on November 27. According to the judge, “[The seller] suppressed the truth about the Burlington property, which in this case amounted to a fraudulent misrepresentation.” 

‘Crypto King’ still gambling and jet-setting despite $40M bankruptcy

Read more: Ontario ‘crypto king’ allegedly held ransom by investor who lost $740K

John Zinati, a Toronto real estate lawyer uninvolved with the lawsuit, told reporters, “Anybody who is thinking about not disclosing something about a house should think twice because of this decision. From my perspective, it really expands what you have to disclose about a house.”

‘Crypto King’ antics led to mansion safety risk

According to Zinati, cases often require a physical element such as mold or radioactivity to constitute a contract reversal, as opposed to an external factor like duped investors. 

Pleterski is in hot water with investors, who say they’re owed $40 million worth of crypto and foreign exchange investments. Case reports say he invested just 2% of their funds as promised — and instead spent roughly $16 million on private jets, vacations, and luxury cars.

As a result of the lawsuit, the basketballer’s purchase of the property was voided and its estate agents were ordered to compensate every mortgage and insurance payment made since the lawsuit began.

Quotes in bold are our emphasis. Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.