A one-of-a-kind court ruling in British Columbia has now made Michael Patryn, co-founder of Quadriga CX, the object of an explanation of asset acquisition.
Michael Patry, co-founder of the now-defunct Quadriga CX, the biggest cryptocurrency exchange in Canada, is the latest target of British Columbia’s aggressive efforts to combat financial crime.
In an effort to confiscate assets that may be associated with illegal conduct, Minister of Public Safety and Solicitor General Mike Farnworth has informed the public that the British Columbia Supreme Court has received a third UWO.
According to Farnworth’s statement in the press release dated March 27, if the decision is upheld, assets valued at $250,200 in cash, 45 gold bars, high-end watches, and valuable jewelry might be confiscated.
In addition, Farnworth stressed that the goal is not only the seizure of ostentatious assets like gold bars and expensive items, but also the deprivation of criminal organizations of their financial incentives.
Authorities seek to deprive offenders of their resources and protect victims from further damage by focusing on ill-gotten earnings.
“The anti-hate awards to communities announced on Feb. 15, 2024, are just one example of how we want to redistribute the assets from illegal activity and reinvest them in victim assistance and crime prevention.”
Once thought to be the biggest cryptocurrency exchange in Canada, Quadriga CX went down in 2019. After declaring bankruptcy, the platform halted all activities.
Gerald William Cotten, the company’s founder and chief executive officer, unexpectedly died in 2018 while visiting India.
Since Cotten was the only one with the passwords to offline cold wallets, it was only after his death that it came to light that he owed 115,000 clients around $190 million in cryptocurrency that had either disappeared or remained unreachable.
One documentary that was out in March 2022 on Netflix was “Trust No One: The Hunt for the Crypto King.”
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