BC Seizes $1M+ in Cash, Gold, and Luxury Goods from QuadrigaCX Co-Founder

BC Supreme Court has forfeited over $1M in cash, gold, and luxury items linked to QuadrigaCX co-founder Michael Patryn, alleging they were acquired with misappropriated funds. The province may use the assets to compensate creditors.

The Supreme Court of British Columbia has ordered the forfeiture of over $1 million in cash, gold bars, luxury watches, and jewelry linked to QuadrigaCX co-founder Michael Patryn. The assets, including 45 gold bars and approximately $250,000 in cash, were seized from a Vancouver safety deposit box in 2021 under an Unexplained Wealth Order. Authorities allege the assets were acquired using misappropriated customer funds from QuadrigaCX, which collapsed in 2019, leaving over 76,000 creditors with significant losses. Patryn initially contested the seizure on constitutional grounds but later withdrew his defense, allowing the province to proceed with the forfeiture. Police also recovered identification documents, credit cards under various names, and a loaded Ruger .45-caliber pistol. The province will now determine if any of the recovered assets can be used to compensate QuadrigaCX creditors, who received only a small portion of their claims in the bankruptcy settlement. The case marks a significant use of British Columbia’s Unexplained Wealth Order regime to target assets linked to financial misconduct.