Authorities in Canada have set their sights on Michael Patryn, co-founder of QuadrigaCX, as they pursue clarity on the origins of his wealth.
This is the third instance of Canadian authorities filing an “unexplained wealth order” with the British Columbia Supreme Court in their ongoing investigation into the collapsed cryptocurrency exchange
QuadrigaCX made headlines in 2018 when its CEO, Gerald Cotten, passed away unexpectedly in India, leaving behind sole access to the exchange’s wallets.
The ensuing chaos led to the company’s bankruptcy filing in Canada. While efforts have been made to reimburse affected customers, significant sums remain unaccounted for.
The latest legal manoeuvre enables Canadian authorities to assume control over assets connected to the QuadrigaCX debacle, with a focus on assets linked to Michael Patryn.
“This third unexplained wealth order application underscores our government’s unwavering commitment to combating criminal enterprises and organized crime,” stated Mike Farnworth, British Columbia’s Minister of Public Safety and Solicitor General.
The QuadrigaCX saga has captivated public attention, even inspiring a popular Netflix documentary released in 2022.
Authorities have now seized assets tied to Patryn, including $250,200 in cash, 45 gold bars, four high-end watches, and assorted expensive jewellery discovered in a safety deposit box.
Farnworth did not mince words, highlighting the devastating impact of QuadrigaCX’s actions on countless individuals. “The global ramifications of Quadriga Coin Exchange’s illicit activities have left many in financial ruin,” he remarked.
Farnworth stated the importance of repurposing confiscated assets for the greater good, particularly to support victims and bolster crime prevention initiatives. He cited recent efforts such as allocating funds to anti-hate grants as examples of redirecting ill-gotten gains toward positive community outcomes.
The message to those engaged in nefarious activities was clear: regardless of the form ill-gotten gains take, whether gold bars or luxury items, law enforcement will pursue them relentlessly. Farnworth concluded with a stern warning, affirming that assets derived from criminal enterprises would not escape scrutiny or consequences.