Canadian authorities have taken action to confiscate assets linked to Michael Patryn, a co-founder of the QuadrigaCX cryptocurrency exchange, and Gerald Cotten. The move comes after an unexplained wealth order was issued to seize cash, gold bars, luxury items, and a safe deposit box associated with Patryn. This order is part of efforts to address the fallout from QuadrigaCX’s collapse in 2019, which left thousands of investors with substantial losses after Cotten’s death.
The assets targeted for seizure allegedly represent proceeds from criminal activities connected to Patryn and Cotten’s involvement with QuadrigaCX. Among the items seized were cash amounting to C$250,200, gold bars, Rolex watches, and other valuable jewelry. The safe deposit box also contained a firearm and identity documents bearing the names Omar Dhanani and Omar Patryn.
The order asserts that Patryn played a significant role in QuadrigaCX’s operations, including the misappropriation of customer funds and cryptocurrency. Following the seizure, authorities aim to compel Patryn to account for his wealth and clarify the origins of the assets in question. Despite QuadrigaCX’s demise, Patryn has since ventured into decentralized finance (DeFi) under the alias “Sifu,” participating in various protocols like Wonderland and UwU Lend.
This latest development underscores ongoing efforts by Canadian authorities to address financial misconduct and safeguard investor interests in the cryptocurrency sector. The pursuit of unexplained wealth orders reflects a commitment to holding individuals accountable for their involvement in fraudulent activities, particularly in high-profile cases like QuadrigaCX’s collapse.
