Well, butter my biscuit and call me surprised! The great province of British Columbia has gone and done it-snagged a cool $1M in shiny trinkets and cold hard cash from the elusive Michael Patryn, the co-founder of that grand ol’ crypto circus, QuadrigaCX. 🤑🤡
- BC’s eagle-eyed authorities swooped in like a flock of vultures on a picnic, seizing 45 gold bars, fancy tick-tocks, and cash from a Vancouver safety deposit box tied to Patryn. All thanks to their nifty “unexplained wealth order” regime. 🕵️♂️✨
- Turns out, those assets were allegedly pilfered from QuadrigaCX’s unsuspecting customers, as the exchange spiraled into what regulators later dubbed a Ponzi-like scheme. Who knew crypto could be such a wild ride? 🎢💸
- Now, the province is scratching its head, wondering if any of this loot can be tossed back to the creditors, who got about as much compensation as a snowball in July. ❄️🔥
According to court documents-those dusty ol’ tomes of truth-British Columbia authorities have snatched up cash, gold, and luxury doodads worth a million bucks tied to Patryn. The Supreme Court of BC gave the thumbs up, and Patryn didn’t even bother to show up and contest. Guess he figured it wasn’t worth the trouble. 🤷♂️
The haul? Oh, just 45 gold bars (enough to make Scrooge McDuck jealous), some high-end watches, and cash found in a CIBC safety deposit box in Vancouver. The RCMP stumbled upon this treasure trove in 2021, along with Rolex and Chanel watches, rings, jewelry, and-get this-a Ruger 1911 .45-caliber pistol with loaded magazines. Because nothing says “crypto kingpin” like a sidearm. 🔫💎
QuadrigaCX’s Gold Rush Hits BC
The civil forfeiture office claims these goodies were bought with QuadrigaCX customer funds, which were allegedly swiped faster than a pie cooling on a windowsill. Patryn was supposed to prove the money was legit, but he tucked tail and ran, withdrawing his challenge and skipping town. 🏃♂️💨
QuadrigaCX, once Canada’s crypto darling, crashed harder than a kid on a tricycle in 2019 after CEO Gerald Cotten kicked the bucket in India. Regulators later found the whole shebang was missing more funds than a politician’s promises, and by 2016, it had turned into a Ponzi scheme. New deposits were just patching holes in a sinking ship while Cotten allegedly lived it up on customer cash. 🚢💸
Patryn, also known as Omar Dhanani (among other aliases-the man’s got more names than a phone book), is accused of playing a starring role in this crypto soap opera. And let’s not forget his 2005 conviction in the U.S. for identity theft and money laundering. The man’s résumé is a real page-turner. 📜🤥
BC’s now pondering whether to toss any of this recovered loot to QuadrigaCX’s creditors, who got pennies on the dollar when the bankruptcy dust settled in May 2023. Patryn’s last known address? Thailand. His current whereabouts? Anyone’s guess. 🌴🤷♂️
In 2023, QuadrigaCX announced plans to start handing out crumbs to creditors, despite recovering only a fraction of the missing funds. Better than nothing, I suppose, but don’t go buying a yacht just yet. ⛵️💸
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2025-12-08 15:07