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Home»ADOPTION NEWS»Michael Patryn of QuadrigaCX targeted for unexplained disorder
ADOPTION NEWS

Michael Patryn of QuadrigaCX targeted for unexplained disorder

By Crypto FlexsMarch 28, 20243 Mins Read
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Michael Patryn of QuadrigaCX targeted for unexplained disorder
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Legal • March 28, 2024 4:31 AM EDT

Posted 1 minute ago In ~

QuadrigaCX co-founder Michael Patryn, known as “Sifu” in the DeFi community, has become the target of a new type of court order in British Columbia forcing him to explain how he acquired assets.

“Today we filed our third application for an unexplained property order with the Supreme Court of British Columbia,” said Public Safety Minister Mike Farnworth in a statement. “It is a strong demonstration of our government’s will,” he said. .

QuadrigaCX is a now-defunct cryptocurrency exchange that went bankrupt in 2019 following the disappearance and apparent death of CEO Gerald Cotten.

“Thousands of people have lost their life savings due to the transnational criminal activities of Quadriga Coin Exchange (Quadriga CX),” Farnworth explained.

If the application is successful, $250,200 in cash, 45 gold bars, four luxury watches and various expensive jewelery will be forfeited.

“Gold bullion is highly liquid and can be a flashy luxury item like jewelery or a Rolex watch, but it also attracts the attention of police and governments,” Farnworth added. “If it’s the proceeds of criminal activity, we’ll go after fraud, drug trafficking, money laundering, etc.”

There are also allegations that Patryn was heavily involved in the misappropriation of customer funds and cryptocurrency, but Patryn’s lawyers argue the investigation is unconstitutional.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Adam is Editor-in-Chief for Europe, Middle East and Africa. He lives in Central Europe and is the editor-in-chief and podcast host at OKX Insights, the former research arm of cryptocurrency exchange OKX. Prior to that, he co-founded and served as Editor-in-Chief of BeInCrypto.com, growing it into one of the leading cryptocurrency media brands. He previously served as Editor-in-Chief of Bitcoinist.com. Before joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He tweets at @XBT002 and can be emailed at (email protected).
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