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Canada confiscates $1 million worth of assets from QuadrigaCX co-founder, setting major precedent for "Unexplained Wealth Orders"
The Supreme Court of British Columbia, Canada, has approved the forfeiture of cash and gold worth approximately $1 million linked to QuadrigaCX co-founder Michael Patryn, transferring ownership to the provincial government. This action is regarded as the province's largest and most significant enforcement operation to date under the "Unexplained Wealth Order" (UWO) framework, highlighting the region's stringent crackdown on money laundering activities and assets of unknown origin.
According to the Vancouver Sun, Patryn did not contest the forfeiture order, allowing the court to proceed with liquidating the assets previously seized. These assets include 45 gold bars, luxury watches, jewelry, and over $250,000 in cash. Court documents obtained by CoinDesk indicate that the civil forfeiture judgment will officially take effect in September 2025, granting British Columbia full ownership of the items seized in March 2024.