British Columbia is seeking a court order requiring Michael Patryn, co-founder of the defunct Canadian cryptocurrencycurrency exchange QuadrigaCX, to divulge the source of his riches. The filling, called as an unexplained wealth order (UWO), is a new tool for Canadian authorities to combat criminals and organized crime.
QuadrigaCX gained notoriety after its founder, Gerald Cotten, died unexpectedly on December 9, 2018, leaving investors with millions of dollars in damages. The province eventually accused the exchange of fraud.
According to the Attorney General, the case received more attention in February 2024 when it was covered in the “The Key to the Castle: Criminal Intent” episode of Law and Order: Toronto.
The authorities are now attempting to collect Patryn’s possessions, which include $250,200 in cash, 45 gold bars, 4 luxury watches, and jewelry.
“We will continue to take assets from unlawful activity and redirect the proceeds of crime to much-needed victim services programs and crime prevention initiatives, such as the anti-hate grants to communities announced on February 15, 2024,” the state’s attorney general said.
A prior report from the Ontario Securities Commission in 2020 cleared Patryn of wrongdoing, but British Columbia claims he and Cotten misused customer funds. Patryn’s lawyer is anticipated to argue that he departed QuadrigaCX in 2016 and was not involved in any fraudulent activity.
