British Columbia Secures $1M Asset Forfeiture Linked to QuadrigaCX Co-Founder

Court grants province ownership of seized cash, gold bars and luxury items after Michael Patryn fails to defend the unexplained wealth case

The government of British Columbia has obbtained full forfeiture of more than $1 million in cash, gold and luxury goods tied to QuadrigaCX co founder Michael Patryn. The decision follows a default judgment issued by the Supreme Court of British Columbia after Patryn did not appear to contest the proceedings.

The ruling finalizes the transfer of 45 gold bars, high-end watches and over $250,000 in cash, all of which were taken from a safety deposit box and a bank account during a March 2024 investigation. Authorities initiated the seizure under an Unexplained Wealth Order a legal mechanism increasingly used to target assets suspected of being linked to illicit activity.

Court filings show that the Province argued Patryn played a significant role in QuadrigaCX’s operational failures and the misappropriation of customer funds, providing grounds to pursue civil forfeiture. While Patryn initially challenged the action on constitutional grounds, he later failed to respond when the Province advanced its claim, resulting in adefault judgment that vested ownership of the assets in the government.

The move represents one of the most consequential applications of British Columbias unexplained wealth framework since its introduction. With the forfeiture complete, officials can now begin assessing whether any portion of the recovered assets may be allocated to QuadrigaCX creditors, who were left with substantial losses after the exchange collapsed in 2019.

QuadrigaCX’s bankruptcy wrapped up in 2023, with claimants receiving only 13 cents on the dollar, underscoring the significance of any additional recovery efforts tied to the case.

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