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QuadrigaCX co-founder Michael Patryn is risking losing assets as the Canadian province of British Columbia pursues an “unexplained wealth order” amid allegations of fraud.
QuadrigaCX co-founder Michael Patryn has come under the spotlight once again after the British Columbia Civil Forfeiture Office announced its initiation of an application for an “unexplained wealth order,” targeting $250,200 in cash, 45 gold bars, four luxury watches, and various expensive jewelry allegedly belonging to Patryn.
In a press release on Mar. 27, Mike Farnworth, minister of public safety and solicitor general, said the province wants to demonstrate that “criminals will have to prove that their assets are the proceeds of lawful activity and not financial crime.”
“The international, criminal actions of Quadriga Coin Exchange (Quadriga CX) led to thousands of people losing their life savings. The fact that this organization has been the subject of a Netflix documentary related to a high-profile cryptocurrency fraud shows that these types of crimes do not show respect for borders.”
Mike Farnworth
QuadrigaCX, once Canada’s leading crypto exchange, plunged into bankruptcy after the death of co-founder Gerald Cotten in December 2018, leaving users unable to access funds stored in the company’s crypto wallets apparently controlled by Cotten.
The scrutiny extends to Patryn’s background, with reports suggesting a criminal history in the U.S. under the alias Omar Dhanani, related to involvement in an online marketplace trafficking stolen credit card numbers and identities. Patryn acknowledged ownership of the assets under scrutiny but refuted claims of their association with illegal activities. His current whereabouts are speculated to be in Thailand.
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