Michael Patryn, co-founder of the now-defunct cryptocurrency exchange QuadrigaCX, faces scrutiny over unaccounted assets, including a 45-bar gold stash, $180,000 in cash, and a diamond-studded Rolex set.
Canadian authorities are pressing him to explain their origin, potentially linking them to QuadrigaCX’s downfall. Following CEO Gerald Cotten’s mysterious death in 2018, the exchange lost access to millions, leaving investors stranded.
According to Bloomberg, the director of Civil Forfeiture in British Columbia issued an order for Patryn to justify the seized assets, hinting at a connection to QuadrigaCX’s misappropriated funds.
Chats between Patryn and Cotten suggested prior knowledge of misdeeds, implicating Patryn’s involvement. While Patryn denies unlawful activity, he must clarify the source before a judge in April, risking forfeiture if unsuccessful.
British Columbia’s Solicitor General Mike Farnworth warned of pursuit that, “if they are the proceeds of criminal activity like fraud, drug trafficking, or money laundering, we will go after them.”
Also Read: Argo Blockchain Faces Legal Scrutiny Over Securities Violations
