QuadrigaCX’s Michael Patryn targeted by unexplained wealth order

QuadrigaCX co-founder Michael Patryn – known to some in the DeFi community as “Sifu” – has become the target of a new type of court order in British Columbia that forces someone to explain how he acquired his assets.

“Today we filed our third unexplained asset warrant application in the Supreme Court of British Columbia – a strong demonstration of our government’s commitment to take decisive action against criminals and organized crime,” said Minister of Public Safety and Solicitor General Mike Farnworth said in a statement. a statement.

QuadrigaCX is a now defunct crypto exchange that filed for bankruptcy in 2019 following the disappearance and apparent death of CEO Gerald Cotten.

“The international criminal actions of Quadriga Coin Exchange (Quadriga CX) have resulted in thousands of people losing their savings,” Farnworth explains.

If the application is successful, an amount of $250,200 in cash will be forfeited, as well as 45 gold bars, four luxury watches and various expensive jewelry.

“Gold bars can be highly liquid and flashy luxury goods, such as jewelry and Rolex watches, that attract attention, but they also attract the attention of the police and our government,” Farnworth said, adding: “If they are the proceeds of criminal activities such as fraud, drug trafficking or money laundering, we will go after them.”

It is also alleged that Patryn has had heavy involvement in embezzling client funds and cryptocurrency, but Patryn’s counsel claims the investigation is unconstitutional.