QuadrigaCX cofounder Michael Patryn targeted by unexplained wealth order in British Columbia
Quick Take QuadrigaCX co-founder Michael Patryn is the target of a new type of court order in British Columbia that compels a person to explain how they acquired their assets. The application would, if successful, see the forfeiture of $250,200 in cash, as well as 45 gold bars, four luxury watches and various pieces of expensive jewelry.
QuadrigaCX co-founder Michael Patryn — known to some in the DeFi community as "Sifu" — has become the target of a new type of court order in British Columbia that compels a person to explain how they acquired their assets.
"Today, we have filed our third unexplained wealth order application with the British Columbia Supreme Court — a strong demonstration of our government’s commitment to take decisive action against criminals and organized crime," Minister of Public Safety and Solicitor General Mike Farnworth said in a statement .
QuadrigaCX is a now-defunct crypto exchange that went bankrupt in 2019 after the disappearance and apparent death of CEO Gerald Cotten.
"The international, criminal actions of Quadriga Coin Exchange (Quadriga CX) led to thousands of people losing their life savings," Farnworth explained.
The application would, if successful, see the forfeiture of $250,200 in cash, as well as 45 gold bars, four luxury watches and various pieces of expensive jewelry.
“Gold bars may be highly liquid and flashy luxury goods, such as jewelry and Rolex watches, attract attention, but they are also attracting the attention of police and our government," Farnworth said, adding: "If they are the proceeds of criminal activity like fraud, drug trafficking or money laundering, we will go after them."
Patryn is also argued to have had heavy involvement in the misappropriation of customer funds and cryptocurrency, but Patryn's counsel claims the investigation is unconstitutional.
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