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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.
<a href="https://crypto.news/tag/quadrigacx/" target="_blank" rel="noopener noreferrer nofollow">QuadrigaCX</a> 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 <a href="https://news.gov.bc.ca/releases/2024PSSG0022-000430" target="_blank" rel="noopener noreferrer nofollow">press release</a> 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.”
<blockquote class="wp-block-quote">
 “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
</blockquote>
You might also like: <a href="https://crypto.news/creator-of-defi-project-wonderland-unmasked-as-quadrigacx-co-founder/" rel="noopener noreferrer nofollow"> Creator of defi project Wonderland unmasked as QuadrigaCX co-founder </a>
QuadrigaCX, once Canada’s leading crypto exchange, <a href="https://crypto.news/quadrigacx-the-strangest-story-in-the-cryptoverse/" target="_blank" rel="noopener noreferrer nofollow">plunged into bankruptcy</a> 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 <a href="http://www.theglobeandmail.com/canada/article-bc-files-unexplained-wealth-order-against-co-founder-of-defunct-crypto/" target="_blank" rel="noopener noreferrer nofollow">suggesting</a> 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.
Read more: <a href="https://crypto.news/btc-wallets-linked-to-quadrigacx-reawaken-with-1-7m-transfers/" rel="noopener noreferrer nofollow"> BTC wallets linked to QuadrigaCX reawaken with $1.7m transfers </a>

Canadian province goes after QuadrigaCX co-founder over unexplained wealth

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