British Columbia confiscates $1 million in assets linked to QuadrigaCX co-founder

Asset Seizure: British Columbia authorities seized approximately $1 million in gold, cash, and luxury items from QuadrigaCX co-founder Michael Patryn under an unexplained wealth order, alleging the assets were purchased with misappropriated customer funds.

Legal Proceedings: The Supreme Court of British Columbia granted the forfeiture after Patryn chose not to contest the seizure, which included 45 gold bars and high-end watches, discovered in a safety deposit box during an RCMP investigation.

QuadrigaCX Background: QuadrigaCX, once Canada's largest cryptocurrency exchange, collapsed in 2019, with regulators determining it operated as a Ponzi scheme, leading to significant losses for customers.

Compensation Review: Authorities will review the seized assets to determine if they can be used to compensate creditors, who received only a small fraction of their losses in the 2023 bankruptcy proceedings.