British Columbia Secures $1M Forfeiture from QuadrigaCX Co-Founder
- The Supreme Court of British Columbia approved the forfeiture of over $1 million in cash and gold linked to Michael Patryn, co-founder of QuadrigaCX.
- The assets include 45 gold bars, luxury watches, and more than $250,000 in cash, seized as part of an Unexplained Wealth Order.
- Patryn did not contest the forfeiture after initially challenging it on constitutional grounds.
- QuadrigaCX collapsed in 2019 following the death of CEO Gerald Cotten, with significant customer funds reported missing.
- The bankruptcy proceedings concluded in May, with creditors receiving only about 13 cents on the dollar.
This forfeiture represents a significant application of British Columbia’s unexplained wealth order framework aimed at addressing financial misconduct linked to cryptocurrency operations. The assets will now be evaluated for potential distribution to Quadriga’s creditors.
The seizure includes substantial items valued over $1 million, highlighting ongoing efforts to recover lost funds for affected users after QuadrigaCX’s bankruptcy.(Source)
