March 28, 2024
Latest Cryptocurrency News

Canada Seizes QuadrigaCX Co-founder’s Assets

To combat financial crime, the director of civil forfeiture in the Canadian province of British Columbia issued an unexplained wealth order to seize assets linked to a co-founder of the collapsed QuadrigaCX bitcoin exchange.

Cracking Down on Cryptocurrency Mismanagement

QuadrigaCX, once Canada’s largest cryptocurrency exchange, collapsed in 2019 following the death of co-founder Gerald Cotten, who carried critical access keys to the firm’s money with him. This deprived thousands of investors of their funds.

According to court documents, the seized assets, including cash, gold bars, luxury watches, and jewelry, are allegedly linked to criminal activities involving Michael Patryn, a co-founder of QuadrigaCX, and Gerald Cotten.

Michael Patryn, co-founder of QuadrigaCX. Source: Coincu

The order targets a safe deposit box at CIBC Bank, believed to contain proceeds from illicit QuadrigaCX activities, alongside an associated account. Among the seized items were cash totaling over CAD 184,000, gold bars, Rolex watches, and identity documents bearing various names.

Legal Measures Against Financial Misconduct

Civil forfeiture laws in British Columbia empower authorities to confiscate property without criminal charges, allowing for swift action against suspected financial crimes.

The order implicates Patryn in misappropriating customer funds and cryptocurrency during QuadrigaCX’s operations, justifying the seizure of assets. Patryn, previously known as Omar Dhanani, has a history of financial crimes in the United States.

The next step involves prompting a response from Patryn to account for his wealth, shedding light on the complex web of financial dealings surrounding QuadrigaCX’s downfall. Despite the exchange’s demise, Patryn has ventured into decentralized finance under the alias “Sifu,” participating in various protocols.

Image from Public Domain Pictures

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