Coinspeaker
QuadrigaCX Co-Founder Grilled by British Columbia Authorities, Here’s Why

The British Columbia (BC) government recently filed an unexplained court order, seeking to seize assets belonging to Michael Patryn, co-founder of the defunct crypto exchange QuadrigaCX.

Authorities Move to Seize QuadrigaCX Co-Founder’s Assets

The director of Civil Forfeiture in B.C. explained in a report that the seizure targets a quarter-million dollars in cash, 45 gold bars, luxury watches, and jewelry contained in a safety deposit box belonging to the co-founder.

Records submitted to the British Columbia Supreme Court indicate that Michael Patryn, who was once involved with Gerald Cotten in establishing QuadrigaCX, is suspected of having obtained the assets illegally.

B.C. Solicitor General, Mike Farnworth highlighted that the recent move by B.C. authorities is the third instance that an unexplained wealth order has been issued in British Columbia since amendments were made to the Civil Forfeiture Act. Simply explained, unexplained wealth orders require individuals to explain the origins of their wealth and assets, especially where criminal conduct is ...