Home Market Headlines QuadrigaCX oddities continue as details of cofounder's criminal past surface

QuadrigaCX oddities continue as details of cofounder’s criminal past surface

The QuadrigaCX exchange situation has headlined many articles so far this year, as further details have rolled in. Added information has surfaced regarding a stated formerly involved party.

Who is Michael Patryn?

Bloomberg, in a report today, posted details on cofounder Michael Patryn who, along with the now-deceased Gerry Cotten, formed Quadriga several years ago. Patryn has a checkered past, according to this newly-presented information.

The media outlet pointed out Patryn previously served time for “identity theft related to a bank-and-credit card scam.” Authorities dealt the QuadrigaCX cofounder “18 months in U.S. federal prison and, later, deportation to Canada,” Bloomberg detailed.

Regarding Patryn’s mentioned criminal past, the news outlet wrote he worked with a site that dealt in pilfered payment card digits, called shadowcrew.com, conceding his guilt in 2005. Additionally, roughly two years later, Patryn plead guilty to accounts of grand larceny, computer fraud and burglary, as revealed by Bloomberg in reference to information from California state court records.

Upon completion of his sentence, the Quadriga cofounder saw banishment to Canada, Bloomberg reported.
Originally going by the name Omar Dhanani, and then Omar Patryn, he settled on the name Michael Patryn, the same source added.
Additionally, the media outlet mentioned that:
Patryn denied he was Dhanani in a Feb. 8 report in Canada’s Globe and Mail newspaper and disputed a subsequent report linking him to a criminal past. But Canadian records obtained by Bloomberg News confirm he legally changed his name — twice: in 2003 and in 2008.”
Bloomberg noted Patryn was on the scene with Quadriga from its inception. However, the outlet noted that the cofounder claimed he left the project three years ago due to a dispute between himself and Gerry Cotten.
Patryn reportedly became distant with Cotten after his departure, not knowing the direct details of Cotten’s pre-death situation until public announcements came out, according to Bloomberg’s piece.

Prior Quadriga situation

QuadrigaCX CEO Gerald Cotten reportedly died last December, taking with him the keys and passwords to about $145 million USD in customer funds.

CoinDesk has followed the developments that have continued to come out, and the ongoing proceedings. The crypto media site included that Ernst & Young Inc. (EY) saw assignment to the case, and that amounts of remaining customer funds were sent to cold storage under the watch of EY.

Coinbase CEO Brian Armstrong, in a series of tweets, even speculated on possible events which might have led to the situation.

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Benjamin Pirus
Benjamin Pirus
BJ is a full time writer, editor, and trader in the cryptocurrency space. He has written many professional articles for numerous ICOs, news sites, and other interested parties in the crypto space. He is also a trader, staying up to date with the crypto markets constantly, and dabbling in traditional financial market trading occasionally.


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