More information related to the closure of QuadrigaCX has been revealed, notably implicating the exchange’s co-founder Michael Patryn as a convicted criminal.

Patryn founded the Canadian cryptocurrency exchange with the recently deceased Gerald Cotten, although it is now known the former was found guilty in several criminal cases in the US, including one instance involving identity theft.

The investigative report published by Bloomberg alleges that Patryn has changed his name twice, his given name claimed to be Omar Dhanani. Patryn has, however, denied these claims.

In 2005, Patryn pleaded guilty to conspiracy to commit credit and bank card fraud, also found to be involved in the criminal website that operated as an online marketplace for trafficking stolen credit and bank card numbers. Other convictions include burglary, grand larceny, and computer fraud for which he admitted his guilt in a California court.

Patryn left QuadrigaCX in 2016, although the late co-founder and CEO Cotten’s innocence has been called into question after his untimely death in December resulted in a supposed lockdown of around USD 190 million worth cryptocurrencies. QuadrigaCX claims Cotten was the sole owner of the exchange vault’s passkeys, leaving the exchange without access to the funds. An investigation is ongoing.


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