$1 million worth of cash and gold linked to the co-founder of QuadrigaCX has been seized by the British Columbia government, marking the most severe test of the province’s framework for shady wealth order.
British Columbia’s Supreme Court approved the seizure after Michael Patryn filed no objection to the action, clearing the way for the province to liquidate 45 gold bars, luxury watches and more than $250,000 in cash seized in an early investigation, the Vancouver Sun reported.
Court documents retrieved by CoinDesk show that the court granted the province a civil forfeiture judgment in September 2025, granting title to cash, gold bars, watches and jewelry seized in March 2024 as part of an unexplained wealth order, a tool used by British Columbia law enforcement to combat money laundering.
The order found that Patryn’s substantial involvement in various aspects of QuadrigaCX’s operations, including the misappropriation of customer funds and cryptocurrency, justified the seizure of the goods. After the seizure, the next step was to force Patlin to explain his wealth.
As CoinDesk previously reported, Patlin initially challenged the action on constitutional grounds, arguing that the investigation violated his Charter rights, but when the province moved to seize assets, he did not appear to defend the case.
QuadrigaCX collapsed in 2019 after CEO Gerald Cotten died and customer funds were discovered missing. An investigation later revealed that co-founder Patlin was deeply involved in the exchange’s operations during the period when the misappropriation of funds occurred.
The seizure now paves the way for a separate proceeding to determine whether any recovered assets can be transferred to Quadriga’s long-term creditors.
QuadrigaCX’s bankruptcy ended in May 2023, with claimants receiving 13 cents in compensation.
