In their third-ever Unexplained Wealth Order, British Columbian authorities are targeting one of the co-founders of the defunct crypto exchange Quadriga CX.
Seizing “Proceeds Of Crime”
The Canadian province of British Columbia is cracking down on financial irregularities, as evidenced by its recent interest in the founder of Quadriga CX. The now-defunct crypto exchange, which was once the largest in the country, was co-founded by Michael Patryn and Gerald Cotton. The former is now under investigation by British Columbian authorities.
In a press statement released on March 27, Mike Farnworth, Minister of Public Safety and Solicitor General, claimed that instead of accumulating expensive items, the forfeiture seeks to negate the financial kickbacks of criminal activities, thus lowering the incentive for such enterprises.
He said,
“We will continue to take the assets from unlawful activity and redirect the proceeds of crime to much-needed victim services program
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