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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
By Sam Reynolds|Edited by Omkar Godbole
Updated Dec 8, 2025, 9:52 a.m. Published Dec 8, 2025, 8:26 a.m.
nterior of the British Columbia court building in Vancouver, B.C (Wpcpey/Wikimedia Commons)
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
A $1 million haul of cash and gold tied to QuadrigaCX's co-founder has been forfeited to the government of British Columbia, signaling the strongest test yet of the Province’s unexplained wealth order framework.
The Supreme Court of British Columbia granted the forfeiture after Michael Patryn did not contest the action, clearing the way for the Province to liquidate 45 gold bars, luxury watches, and more than $250,000 in cash seized during an earlier investigation, according to a Vancouver Sun report.
STORY CONTINUES BELOW
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Court documents retrieved by CoinDesk show that in September 2025, the court granted the Province a civil forfeiture judgment vesting ownership of cash, gold bars, watches, and jewelry that were seized in March 2024 as part of an Unexplained Wealth Order – a tool being used by law enforcement in British Columbia to combat money laundering.
(Supreme Court of British Columbia)
The Order argued that Patryn was heavily involved in all aspects of QuadrigaCX’s operations, including the misappropriation of customer funds and cryptocurrency, thereby justifying the seizure of goods. After the seizure, the next step was to compel Patryn to explain his wealth.
Patryn initially contested the action on constitutional grounds, CoinDesk previously reported, arguing that the investigation breached his Charter rights, but he did not appear to defend the case when the Province moved to seize the assets.
QuadrigaCX collapsed in 2019 after CEO Gerald Cotten died and customer funds were found to be missing. Later investigations described co-founder Patryn as deeply involved in the exchange’s operations during the period when misappropriations occurred.
The forfeiture now paves the way for a separate process to determine whether any of the recovered assets can be directed to Quadriga’s long-standing creditors.
QuadrigaCX's bankruptcy concluded in May 2023, with claimants getting 13 cents on the dollar.
QuadrigaCXQuadriga
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