A $1 million haul of cash and gold linked to QuadrigaCX’s co-founder has been forfeited to the British Columbia government, signaling the strongest test yet of the province’s inexplicable wealth order framework.
The British Columbia Supreme Court granted the forfeiture after Michael Patryn pleaded no contest, 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.
Court documents obtained by CoinDesk show that in September 2025, the court granted the province a civil forfeiture order that took ownership of cash, bullion, watches and jewelry seized in March 2024 as part of an unexplained wealth warrant — a tool used by law enforcement in British Columbia to fight money laundering.
The order alleged 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 force Patryn to explain her wealth.
Patryn initially challenged the case on constitutional grounds, CoinDesk previously reported, claiming the investigation violated 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 client funds were found missing. Later investigations described co-founder Patryn as deeply involved in the exchange’s operations during the period in which the misappropriation occurred.
The seizure now paves the way for a separate process to determine whether any of the recovered assets can be sent to Quadriga’s longtime creditors.
QuadrigaCX’s bankruptcy closed in May 2023, with creditors getting 13 cents on the dollar.
