Crypto News – In British Columbia, co-founder of QuadrigaCX Michael Patryn is the subject of a novel kind of court order that requires an individual to provide an explanation for how they obtained their property.
Michael Patryn UWO Investigation: QuadrigaCX Co-Founder’s Fortune May Be Seized
By submitting an unexplained wealth order (UWO) to the British Columbia Supreme Court, the B.C. Civil Forfeiture Office has taken a major step against Michael Patryn, the co-founder of QuadrigaCX.
Today, we have filed our third unexplained wealth order application with the British Columbia Supreme Court — a strong demonstration of our government’s commitment to take decisive action against criminals and organized crime,
Minister of Public Safety and Solicitor General Mike Farnworth
Patryn has Until April 30th To Prove He Acquired His Assets Legally
The scandal surrounding QuadrigaCX, which resulted in significant financial losses and generated a great deal of media attention, highlights the widespread problem of cryptocurrency fraud. As early as 2014, Patryn and the late CEO Gerald Cotten may have discussed ways to embezzle client funds.
These assets may be forfeited in spite of Patryn’s prior criminal history and the defense offered by his attorney, if they can’t provide proof of their lawful acquisition by the time of the approaching court ruling on April 30.
The international, criminal actions of Quadriga Coin Exchange (Quadriga CX) led to thousands of people losing their life savings,
Farnworth
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