The British Columbia government has taken action against Michael Patryn, a co-founder of the troubled cryptocurrency exchange QuadrigaCX. This move follows recent revelations concerning Patryn’s alleged holdings in cash and gold, prompting scrutiny from authorities.
Quadriga Coin Exchange faced a dramatic collapse subsequent to the unexpected passing of co-founder Gerald Cotton while abroad in 2019. This unfortunate event resulted in investors and users being unable to access approximately $215 million in assets, leading to the company’s declaration of bankruptcy. Investigations by the Ontario Securities Commission uncovered disturbing evidence indicating Quadriga’s involvement in fraudulent activities, effectively operating as a Ponzi scheme under a guise of technological sophistication.
In June 2021, authorities seized a safety deposit box linked to Michael Patryn at a Vancouver-based CIBC branch. Among the confiscated items were $250,200 in Canadian currency, 45 gold bars from
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