Canadian Province Seeks Explanation from QuadrigaCX Co-Founder on Wealth: Unexplained Wealth Order Issued

The co-founder of QuadrigaCX, Michael Patryn, is facing scrutiny from the Canadian Province of British Columbia as he becomes the target of an unexplained wealth order. This tool, which is relatively new, compels individuals to explain how they acquired their assets. Patryn has contested the claim, with his counsel arguing that it is unconstitutional.

The Province of British Columbia is seeking to use the unexplained wealth order to investigate Patryn’s involvement in the collapse of QuadrigaCX, which resulted in thousands of people losing their life savings. The order was used to seize a safety deposit box at CIBC Bank, which contained a significant amount of cash, gold bars, luxury watches, jewelry, and even a firearm.

The Order alleges that Patryn was heavily involved in QuadrigaCX’s operations, including misappropriating customer funds and cryptocurrency. The next step is to compel a response from Patryn to explain his wealth. However, Patryn has maintained that the seized goods were not acquired through unlawful means.

Patryn has since moved on to a second career in decentralized finance (DeFi), being involved in protocols such as Wonderland and UwU Lend under the handle “Sifu.” It is believed that he currently resides in Thailand. Patryn was ousted from his role in Wonderland after community members doxxed him and ran a public vote to remove him as treasurer.

Prosecutors are set to appear in court on April 30 to make the application regarding the unexplained wealth order. The QuadrigaCX bankruptcy concluded last May, with claimants receiving only 13 cents on the dollar. This ongoing investigation into Patryn’s wealth adds another layer of complexity to the aftermath of the QuadrigaCX collapse.