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Tuesday, May 28, 2024

British Columbia Courts Target Quadriga CX Exec’s Wealth Origins

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The province of British Columbia is taking proactive steps in its battle against financial crime, with the latest move targeting Michael Patry, the co-founder of the defunct Canadian largest crypto exchange, Quadriga CX.

Mike Farnworth, Minister of Public Safety and Solicitor General, announced the filing of a third unexplained wealth order (UWO) with the British Columbia Supreme Court, aimed at seizing assets potentially linked to criminal activity.

  • If successful, the order could lead to the forfeiture of assets worth $250,200 in cash, 45 gold bars, luxury watches, and expensive jewelry, Farnworth said in the press release dated March 27.
  • Farnworth also emphasized that the focus isn’t just on flashy assets like gold bars and luxury goods; it’s about disrupting the financial incentives of criminal enterprises.
  • By targeting ill-gotten gains, authorities aim to strip criminals of their resources and prevent further harm to victims.

“We will continue to take the assets from unlawful activity and redirect the proceeds of crime to much-needed victim services programs and crime prevention initiatives, such as the anti-hate grants to communities announced on Feb. 15, 2024.”

  • Quadriga CX, once considered Canada’s largest cryptocurrency exchange, experienced a collapse in 2019. The platform shut down its operations and subsequently declared bankruptcy.
  • The CEO and founder of the company, Gerald William Cotten, mysteriously passed away in 2018 during a trip to India.
  • Following his demise, it was discovered that he owed around $190 million in crypto to 115,000 customers that either went missing or remained inaccessible, as Cotten was the sole holder of the passwords to offline cold wallets.
  • In March 2022, Netflix released a documentary named “Trust No One: The Hunt for the Crypto King.”

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