Canadian province goes after QuadrigaCX co-founder over unexplained wealth

Michael Patryn, a co-founder of QuadrigaCX, could potentially lose his assets as the British Columbia authorities in Canada investigate alleged fraud and seek to seize unexplained wealth from him.

Michael Patryn, a co-founder of QuadrigaCX, is back in the limelight after the British Columbia Civil Forfeiture Office initiated an application for a “suspicious property order.” This move targets approximately $250,200 in cash, 45 gold bars, four luxury watches, and expensive jewelry worth allegedly owned by Patryn. The authorities aim to investigate the origin of these assets.

On March 27, according to a press statement by Mike Farnworth, the ministry of public safety and solicitor general, the province aims to show that criminals must provide evidence that their possessions were obtained legally and not through illegal financial activities.

Thousands of individuals suffered substantial financial losses due to Quadriga Coin Exchange (Quadriga CX)’s international criminal activities involving cryptocurrencies. The public exposure of this case through a Netflix documentary on a well-known cryptocurrency scam underscores that such deceitful acts disregard national boundaries.

Mike Farnworth

Canada’s top crypto exchange, QuadrigaCX, faced bankruptcy following the unexpected demise of co-founder Gerald Cotten in December 2018. As a result, users were unable to retrieve the cryptocurrencies they had stored in wallets believed to be under Cotten’s management.

An examination is being conducted into Patryn’s past, as rumors indicate a criminal record in the United States, operating under the name Omar Dhanani. These reports allege involvement in an online platform dealing in stolen credit card details and identities. Patryn admits ownership of the questioned assets but denies any connection to unlawful activities. There are suspicions that he is currently residing in Thailand.

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2024-03-28 12:37