Canadian Province Granted Forfeiture of QuadrigaCX Co-Founder Michael Patryn's Assets with Default Judgement
The Supreme Court of British Columbia has forfeited approximately $1 million in cash and gold tied to QuadrigaCX co-founder Michael Patryn to the provincial government after Patryn did not contest the civil forfeiture.
The seized assets include 45 gold bars, luxury watches, jewelry, and more than $250,000 in cash seized under an Unexplained Wealth Order.
A civil forfeiture judgment issued in September 2025 vested ownership of these seized assets in British Columbia, with Patryn notably not appearing to defend the action.
This forfeiture allows for liquidation of the assets and initiates a separate process to determine if recovered funds can be directed to QuadrigaCX creditors, who previously received 13 cents on the dollar in the bankruptcy settlement.
QuadrigaCX collapsed in 2019 following the death of CEO Gerald Cotten. Investigations have described Patryn as deeply involved in the exchange's operations during the period when customer funds and cryptocurrency were misappropriated.
The bankruptcy process concluded in May 2023, resulting in claimants recovering 13 cents on the dollar.
This case marks British Columbia's strongest application to date of the province's Unexplained Wealth Order framework.
