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Canadian Authorities Question QuadrigaCX Co-Founder on Source of Funds

Canadian authorities have submitted a third application for an “unexplained wealth order” to the British Columbia Supreme Court, targeting Michael Patryn, co-founder of QuadrigaCX, to elucidate the origins of his assets.

QuadrigaCX declared bankruptcy in Canada in 2018 following the untimely demise of its CEO, Gerald Cotten, in India, who held the sole private keys to the exchange’s wallets. Despite partial reimbursements to customers, substantial sums remain unaccounted for.

This fresh application for an unexplained wealth order empowers Canadian authorities to seize assets associated with the QuadrigaCX case.

Mike Farnworth, Minister of Public Safety and Solicitor General for British Columbia, affirmed, “Today, we have submitted our third unexplained wealth order application to the British Columbia Supreme Court, underscoring our government’s firm resolve to combat criminality and organized crime.”

The QuadrigaCX saga has garnered widespread attention in recent years and was prominently featured in a popular Netflix documentary released in 2022.

Cash, Gold Bars, Rolex Watches Seized

The order grants authority for the confiscation of assets amounting to $250,200 in cash, 45 gold bars, four luxury watches, and various pieces of valuable jewelry discovered in a safety deposit box linked to QuadrigaCX co-founder Patryn.

“The transnational criminal activities of Quadriga Coin Exchange (QuadrigaCX) resulted in the loss of life savings for thousands,” stated Farnworth.

“While the aftermath of cryptocurrency theft, leaving numerous victims in its wake, remains a pressing issue, what’s even more pertinent is the restitution of these unlawfully acquired funds and their transformation into community benefits in a transparent manner,” Farnworth added.

Proceeds From Crime Redirected to Victims

The Canadian official reiterated the commitment of authorities to seize assets derived from illegal activities and channel the proceeds from crime into essential victim support programs and crime prevention endeavors, including the recently announced anti-hate grants to communities on February 15, 2024.

“Although gold bars may possess high liquidity and ostentatious luxury items like jewelry and Rolex watches may catch the eye, they’re also drawing the scrutiny of law enforcement and government,” remarked Farnworth. “If they stem from criminal activities such as fraud, drug trafficking, or money laundering, we will pursue them relentlessly.”

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