Canadian authorities interrogate
QuadrigaCX founder about the source of funds.
The Canadian authorities have submitted a request for the third time to
seek an "unexplained wealth order"
to the Supreme Court in British Columbia, targeting the founder of QuadrigaCX
Michael Patryn, to explain how the assets were acquired.
QuadrigaCX :
- filed for bankruptcy in Canada in 2018 after the mysterious death of its CEO
- Gerald Cotten, in India, with him being the sole known possessor of
- the exchange's access keys. Although some funds owed to
exchange customers :
have been reimbursed, large sums are still missing.
This latest request for an unexplained wealth order allows
Canadian authorities to seize assets associated with the QuadrigaCX case.
Mike Farnworth :
Minister of Public Safety and Solicitor General for British Columbia
stated :
"Today, we have submitted our third request for an unexplained wealth
order to the Supreme Court of British Columbia - a strong demonstration of
our government's commitment to taking decisive
action against criminals and organized crime."
The QuadrigaCX :
case has been widely publicized in recent years
and was the subject of a famous documentary on Netflix in 2022.
Cash, gold bars |:
and Rolex watches have been seized.
The orders will allow the seizure of $250,200 in cash, 45 gold bars
four luxury watches, and a number of valuable jewelry pieces
found in a safe deposit box belonging to QuadrigaCX founder, Patryn.
Farnworth said :
"The international criminal actions of the Quadriga Coin Exchange
(QuadrigaCX) have led to the loss of thousands of people's life savings."
He added :
"While the negative outcomes of cryptocurrency thefts leaving ma
ny victims in their wake are debatable, what is most important at present
is recovering these ill-gotten gains and redirecting them to benefit
the community in a general way."
Redirecting crime proceeds to victims.
- The Canadian official confirmed that authorities will continue to seize assets
- from illegal activities and redirect crime proceeds to urgent victim services
- programs and crime prevention initiatives, such as hate crime
prevention :
grants to communities announced on February 15, 2024.
Farnworth said :
- "Gold bars may be highly liquid
- and attract dazzling luxury goods
- such as jewelry and Rolex watches
attention :|
but they also attract the attention of the police and our government.
If the proceeds are from criminal activities such as fraud
drug trafficking, or money laundering, we will track them down."
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