BC Secures $1M Forfeiture Linked to QuadrigaCX Co-Founder in Landmark Wealth Order Case

British Columbia has officially seized nearly $1 million in cash, gold, and luxury items connected to QuadrigaCX co-founder Michael Patryn, marking one of the most significant tests of the Province’s unexplained wealth order (UWO) framework to date. According to a report from the Vancouver Sun, the Supreme Court of British Columbia granted the civil forfeiture after Patryn chose not to contest the action, allowing authorities to take ownership of 45 gold bars, high-end watches, jewelry, and more than $250,000 in cash.

Court documents reviewed by CoinDesk reveal that the forfeiture judgment, issued in September 2025, stemmed from assets originally seized in March 2024 during a UWO investigation aimed at combating money laundering in the province. The filing asserted that Patryn played a central role in QuadrigaCX’s operations, including the misappropriation of customer funds and cryptocurrency, which justified the Province’s move to seize and liquidate the items. Following the seizure, Patryn would have been required to explain the source of his wealth, a key component of the UWO process.

Although Patryn initially pushed back on constitutional grounds—arguing the investigation infringed on his Charter rights—he ultimately did not appear when the Province advanced the forfeiture case, effectively clearing the path for the government to take control of the assets.

QuadrigaCX, once one of Canada’s largest cryptocurrency exchanges, collapsed in 2019 following the unexpected death of CEO Gerald Cotten and the discovery of hundreds of millions in missing customer funds. Subsequent investigations described Patryn as deeply involved in the platform’s operations during the period when the financial misconduct occurred.

With the forfeiture now finalized, British Columbia can begin a separate review to determine whether any recovered value may eventually be distributed to Quadriga’s long-standing creditors. QuadrigaCX’s bankruptcy proceedings concluded in May 2023, with claimants receiving just 13 cents on the dollar, leaving many still seeking restitution years later.