Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash & Gold via Default Judgment

The Supreme Court of British Columbia granted the provincial government the forfeiture of approximately $1 million in assets, including cash, gold bars, luxury watches, and jewelry, linked to QuadrigaCX co-founder Michael Patryn. This ruling was achieved via a default judgment after Patryn failed to defend the action, which was initiated under the Province’s Unexplained Wealth Order framework, a tool used to combat money laundering. The assets were initially seized in March 2024. Patryn had previously contested the order on constitutional grounds but did not appear in court for the final seizure proceedings. This forfeiture is the strongest test yet of B.C.'s Unexplained Wealth Order framework, and the recovered assets will now enter a separate process to potentially benefit QuadrigaCX's creditors, who previously received only 13 cents on the dollar when the exchange's bankruptcy concluded in May 2023.

(Source：CoinDesk)