B.C. Ramps Up Efforts To Seize Assets in Quadriga CX Crypto Scandal
B.C. recordsdata uncommon order to compel accounting of money, gold, and watches seized after the alternate’s implosion.
The order seeks to compel Patryn to clarify the origin of a stash of money, gold bars, and luxurious objects, together with a diamond-studded Rolex watch, seized by authorities in 2021.
In line with Public Security Minister Mike Farnworth, the property in query embrace $250,000 in money and 45 gold bars. If Patryn fails to supply a passable clarification for the way these property had been acquired, the province may transfer to grab them.
The Quadriga CX saga, which garnered worldwide consideration and impressed a current TV crime drama episode, unfolded in 2019 when the alternate’s CEO, Gerald Cotten, died unexpectedly. His dying left hundreds of consumers unable to entry their cryptocurrency holdings, price an estimated $200 million on the time.
A subsequent investigation by the Ontario Securities Fee concluded that Cotten had engaged in “old school fraud” akin to a Ponzi scheme, misusing consumer property for years with out correct oversight or inner controls.
Whereas Patryn, also called Omar Dhanani and Michael Dhanani, parted methods with Quadriga CX in 2016, court docket paperwork cite chat data from 2014 and 2015 that counsel he and Cotten mentioned stealing buyer funds and staging Patryn’s public exit from the alternate whereas remaining concerned privately.
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