Canadian Court Seizes $1M in Cash and Gold from QuadrigaCX Co-Founder in Landmark Crypto Exchange Case

In a significant development for the cryptocurrency industry, the province of Nova Scotia, Canada, has secured a default judgment leading to the forfeiture of approximately $1 million in cash and gold from Michael Patryn, co-founder of the defunct QuadrigaCX exchange. The judgment, obtained by the provincial government, relates to assets deemed proceeds of crime. This legal action stems from the infamous collapse of QuadrigaCX in 2019, which resulted in losses of over $190 million in customer funds, primarily in Bitcoin (BTC) and Ethereum (ETH). The case highlights ongoing regulatory and law enforcement efforts to address fraud and recover assets in the crypto space. Authorities continue to investigate the complex financial dealings surrounding the exchange's failure.