The Kevin Mirshahi Case: From Cryptocurrency Scam to Canadian Crime Crisis

Kevin Mirshahi’s story represents one of Canada’s most troubling intersections of cryptocurrency fraud and violent crime. Once a 25-year-old entrepreneur managing the Crypto Paradise Island Telegram investment group, Mirshahi became central to an unfolding scandal that began with financial manipulation and escalated to tragedy. In June 2024, he was abducted alongside three others from a Montreal parking garage. While two of his fellow abductees were located alive days later, Mirshahi vanished. By autumn, authorities confirmed the worst—he had been murdered. His remains were discovered in October at Île-de-la-Visitation park in Quebec.

The Marsan Token Scheme Behind the Scenes

The roots of Mirshahi’s troubles trace back to 2021 and a cryptocurrency venture called Marsan Exchange, operated by Antoine Marsan and Bastien Francoeur. The duo launched the Marsan token ($MRS) on April 14, 2021, recruiting Kevin Mirshahi as a promoter—compensating him directly in the token itself. What followed was a textbook price manipulation scenario. The token skyrocketed to CAD $5.14 (approximately $3.67 USD) within just three days of launch, creating an illusion of value that drew in thousands of retail investors. However, the gains proved illusory. When two major token holders executed coordinated exits on April 18, the price collapsed to $0.39, devastating approximately 2,300 members—many of whom were teenagers between 16 and 20 years old.

Regulatory Violations and Unheeded Warnings

Quebec’s Autorité des marchés financiers (AMF) launched an investigation into Kevin Mirshahi’s operations starting in 2021. The regulator’s scrutiny intensified following the Marsan collapse, and by the time the investigation concluded, Mirshahi faced strict restrictions: he was prohibited from acting as a broker or investment adviser, banned from engaging in any securities transactions, and ordered to purge all social media references and remove any mention of the AMF from his platforms. Yet enforcement proved ineffective. Despite these formal prohibitions, Kevin Mirshahi continued operating a Telegram group called “Amir,” using it to promote ongoing cryptocurrency investment opportunities to new audiences.

Part of a Growing Pattern

The Kevin Mirshahi case represents a symptom of a broader crisis. Cryptocurrency-related crimes have surged across Canada in recent years, ranging from complex fraud schemes to physical violence and kidnapping. The murder of Mirshahi—whether directly tied to the crypto community or not—underscores the real-world dangers lurking beneath the hype of digital asset trading. Young investors, regulatory gaps, and the pseudonymous nature of crypto transactions create conditions where both financial exploitation and violent crime can flourish with minimal accountability.