The Canadian authorities intend to confiscate 45 gold bars and $250,000 from the co-founder of QuadrigaCX
The Canadian authorities require the co-founder of QuadrigaCX to explain the origin of his assets. Michael Patrin, also known by the nickname Sifu, risks losing $250,000 in cash, 45 gold bars and expensive jewelry.
The Canadian authorities are trying to confiscate property and assets belonging to the co-founder of the collapsed QuadrigaCX exchange, Michael Patrin. They filed a petition with the British Columbia court, if satisfied, the entrepreneur will be obliged to explain the origin of funds and luxury goods.
One of Canada's largest exchanges, QuadrigaCX, declared bankruptcy in February 2019, following the mysterious disappearance and death of its CEO Gerald Cotten. It is alleged that in connection with the death of the entrepreneur, the access keys to the autonomous storage system of the exchange were lost.
Authorities believe that the management of QuadrigaCX was engaged in criminal activity, and its collapse led to numerous losses among thousands of users. They suspect Patrin, also known to the community by the nickname Sifu, of illegal enrichment and participation in illegal operations of the exchange.
"Today we have filed our third application for an unexplained wealth warrant with the Supreme Court of British Columbia. This is a convincing demonstration of our government's determination to take action against fraudsters and organized crime," said Mike Farnworth, Solicitor General of Canada.
If the court approves the petition, and Patrin himself fails to prove the legal origin of the assets, he may lose $250,000 in cash, 45 gold bars, several expensive watches and various jewelry.
