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Report: QuadrigaCX Co-Founder Michael Patryn Was a Serial Convict

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QuadrigaCX Patryn

One of the co-founders of the QuadrigaCX exchange was a serial convict, a Bloomberg Report reveals. Michael Patryn worked together with Gerald Cotten to set up the exchange in 2013. Before then, he had been in and out of prison in the United States. His crimes included fraud and identity theft.

Bloomberg alleged that Patryn had changed his name twice, in 2003 and 2008. He did so legally, in British Columbia, Canada. He was originally known as Omar Dhanani.

Patryn’s Serial Crimes

Dhanani committed a number of crimes in the US. In 2005, he pleaded guilty to conspiracy to commit fraud – both credit card and bank fraud. He admitted being involved in a marketplace that sold stolen credit cards numbers.

Other serious crimes that he committed included grand larceny, computer fraud, and burglary. He admitted pled guilty to these crimes once again, in a California court.

Time Out of Prison

After Dhanani got out of prison, he established himself as a Bitcoin entrepreneur, in 2015. He founded the Fintech Ventures group in the same year. The company is based in Vancouver.

While doing this, Mr. Dhanani hired a public relations company to clear all past public records. After a year with QuadrigaCX, he left the exchange. The reason for leaving it was because the two founders had fundamental differences.

Regarding leaving Quadriga, he stated:

On the day of our disagreement, I left the company and ceased being privy to operational decisions. Since that time, I have not been involved in the operations or management of any of the Quadriga companies.

After leaving the exchange, he still had a significant stake in the company. Alongside Lovie Horner, he had a big chunk of shares and some influence on its growth direction.

QuadrigaCX’s Woes

Long before Gerald Cotten passed away and taking important passwords with him, QuadrigaCX was wading in murky waters. There were constant troubles with creditors. Currently, about $190 million of the money under its care is missing.

Creditors are baying for blood. People have lost thousands of dollars, while others have lost hundreds of thousands. Since Cotten did not create backups of the passwords in the vaults, the money could take very long to recover.

Recently, the exchange got an extension to its grace period, to find the missing funds. The extended period was 45 days. It is working with Deloitte, the auditing giant, to try and reclaim the money.

Do you think Michael Patryn holds the key to QuadrigaCX’s missing funds? Let us know in the comments section below.

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