QuadrigaCX co-founder Michael Patryn is facing potential asset loss as the Canadian province of British Columbia pursues an “unexplained wealth order” over allegations of fraud.
The British Columbia Civil Forfeiture Office has initiated an application targeting $250,200 in cash, 45 gold bars, four luxury watches, and expensive jewelry allegedly belonging to Patryn. Minister of public safety and solicitor general Mike Farnworth stated that the province aims to prove that criminals must demonstrate their assets are from lawful activities, not financial crimes.
QuadrigaCX, once a leading Canadian crypto exchange, declared bankruptcy after the death of co-founder Gerald Cotten in 2018, leaving users unable to access their funds. Reports have surfaced linking Patryn to a criminal history in the U.S. under the alias Omar Dhanani, involving online marketplace activities related to stolen credit card numbers and identities. Patryn has acknowledged ownership of the assets under scrutiny but denies any illegal associations.
Patryn’s current location is speculated to be in Thailand, amidst ongoing investigations. The case sheds light on the aftermath of QuadrigaCX’s downfall and the legal challenges faced by its co-founders.