The items are in a Canadian Imperial Bank of Commerce safety deposit box belonging to QuadrigaCX co-founder Michael Patryn.

The Deputy Premier of British Columbia, Minister of Public Safety, and Solicitor General, Mike Farnworth, has unveiled an unexplained wealth order to confiscate assets, cash, and luxury jewelry linked to a co-founder of the fraudulent crypto exchange QuadrigaCX.

According to a report from local media CBC News, the items to be seized are in a Canadian Imperial Bank of Commerce safety deposit box belonging to Michael Patryn, who founded QuadrigaCX alongside the deceased Gerald Cotten.

Authorities to Confiscate QuadrigaCX-linked Assets

An unexplained wealth order is usually filed upon suspicion of criminal activity to inquire how people acquired their wealth or property. Civil forfeiture allows the B.C. to confiscate properties without filing criminal charges against the owners. Farnworth, also the B.C. director of Civil Forfeiture, said the latest filing is the third of its kind in the province.

The filing disclosed that the items to be confiscated include 250,200 Canadian dollars ($183,000) in cash, 45 gold bars, luxury watches, rings, a pendant, and a necklace. There are also birth certificates, Patryn’s name change certificates, credit cards, cheques, and a Ruger 1911.45 caliber pistol with ammunition. Farnworth alleged that these items were proceeds of the crimes committed on QuadrigaCX.

As Coinfomania reported, QuadrigaCX became insolvent in 2018 after Cotten, who purportedly held the private keys to the exchange’s cold storage wallet, died in India. Once the largest crypto exchange in Canada, QuadrigaCX was ordered into bankruptcy in 2019. Subsequent investigations by local authorities revealed that the platform was a Ponzi scheme and the founders had misappropriated roughly $215 million belonging to over 76,000 investors.

“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,” Farnworth said, addressing the unexplained wealth order.

Patryn Last Seen in Thailand

Patryn was last known to be in Thailand. He has had two name changes since 2003 and goes by Michael Dhanani, Omar Dhanani, and Omar Patryn. Following the confiscation of his assets, Canadian authorities would request information on the acquisition of the property.

Meanwhile, QuadrigaCX’s bankruptcy trustee, Ernst & Young, has recovered only $46 million of the $215 million owed to victims.

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