The Daily Chase: Canada's Crypto King arrested on fraud charges

Here are five things you need to know this morning.

Canada’s Crypto King charged with fraud: Aiden Pleterski, the self-professed “Crypto King” of Canada, has been arrested and charged in connection with a $40 million fraud. Police in Whitby, Ont. said Pleterski and another man were arrested and charged on Tuesday following an investigation into a massive Ponzi scheme that began in the summer of 2022. Police will have more details at a news conference today, but what’s already out there on the story is fascinating. Pleterski was active on social media showing off his wealth and investment savvy, but investigators say it was all a house of cards. In U.S. bankruptcy proceedings, only about $3 million of funds have been recovered, out of tens of millions invested by hundreds of people. The legal developments in Canada today are the latest twist in a story that has had a number of them over the years and we’ll have lots of coverage throughout the day on BNN Bloomberg.

Wildfire situation in Fort McMurray worsening: The wildfire situation around the oilsands capital of Fort McMurray, Alberta has seemingly gone from bad to worse as a second blaze has ignited and is approaching the city from a new direction. Fire officials were mostly worried about a large blaze approaching from the southwest, but on Wednesday a new smaller fire flared up north of the city, closer to numerous oilsands operations. After a sprinkling of rain earlier in the week, the forecast doesn’t seem like it will be much help.

Walmart earnings beat on all fronts: Earnings for the world’s largest retailer came out this morning, and the numbers out of Walmart are being warmly received by investors. Same store sales grew 3.8 per cent during the quarter, better than Wall Street was expecting and far better than the trend at other big retailers like Home Depot. E-commerce specifically boomed, growing 22 per cent during the quarter. Walmart said the average customer receipt was flat, but the chain is booking more transactions than they were a year ago. The shares are up by more than five per cent in premarket trading.