Michael Patryn

Michael Patryn (born Omar Dhanani) is an internet entrepreneur, and convicted money launderer. He is best known for being the co-founder of Quadriga Fintech Solutions.[1]

Michael Patryn
Born
Omar Dhanani
NationalityCanadian
Other namesSifu, 0xSifu, Omar Patryn
Criminal charge(s)Money Laundering, Fraud
Criminal penalty18 months

History

Michael Patryn was convicted of money laundering at age 22 in California after he pleaded guilty in 2005 to conspiracy to commit credit- and bank-card fraud.[2][3] In 2007 he admitted to separate criminal cases for burglary, grand larceny, and computer fraud.[3] He was arrested as a part of a sting operation on ShadowCrew by the Secret Service.[4] Patryn had not been using a proxy address which allowed authorities to identify him with the assistance of a confidential informant within the group.[5]

After serving time in a U.S. prison, he was subsequently deported to Canada, where he changed his name twice, once to Omar Patryn, before changing it again to Michael Patryn.[6][7] He publicly denied the two identities are related, but an investigation by the Globe and Mail confirmed the name change with the Canadian government.[8]

Quadriga Fintech Solutions

Patryn co-founded the crypto exchange Quadriga Fintech with Gerald Cotten. He claims he left the company in 2016, before the company became an alleged Ponzi scheme resulting in over $200 million in losses after Cotten died.[9]

The Ontario Securities Commission claimed they attempted to contact Patryn during their investigation, but he would not respond. They believe regardless, the majority of the funds were deposited after his believed departure.[10]

Wonderland

In January 2022, Patryn was revealed to be 0xSifu, an anonymous cryptocurrency developer running the treasury at the DeFi cryptocurrency Wonderland, which has been one of the most popular projects in 2021.[11] When it was discovered, demands resulted in him resigning from the position.[12]

At its peak, Patryn oversaw over $1 billion in assets in the Wonderland treasury.[13]

References
  1. Castaldo, Joe; Posadzki, Alexandra (2019-02-28). "Quadriga co-founder served time in U.S. prison for role in identity-theft ring, documents reveal". The Globe and Mail. Retrieved 2022-03-27.
  2. Castaldo, Joe; Posadzki, Alexandra (2019-11-22). "Before Quadriga: How shady ventures in Gerald Cotten's youth led to the creation of his ill-fated cryptocurrency exchange". The Globe and Mail. Retrieved 2022-03-27.
  3. McNamara, Audrey (2019-03-19). "Quadriga Co-Founder Michael Patryn Tried to Bury His Criminal Past: Report". The Daily Beast. Retrieved 2022-04-06.
  4. "The Criminal Past of Quadriga's Co-Founder Has Been Revealed". finance.yahoo.com. Retrieved 2022-03-27.
  5. Zetter, Kim. "Guilty Pleas in ID Theft Bust". Wired. ISSN 1059-1028. Retrieved 2022-03-27.
  6. "Crypto Rocked Again: Wonderland CFO Is Ex-Convict Tied to Defunct Exchange". www.thestreet.com. Retrieved 2022-04-06.
  7. "Crypto Rocked Again: Wonderland CFO Is Ex-Convict Tied to Defunct Exchange | TheStreet". www.thestreet.com. Retrieved 2022-03-27.
  8. Castaldo, Joe; Posadzki, Alexandra (2019-02-28). "Quadriga co-founder served time in U.S. prison for role in identity-theft ring, documents reveal". The Globe and Mail. Retrieved 2022-03-27.
  9. Alexander, Doug (March 19, 2019). "Criminal Past Haunts Surviving Founder of Troubled Crypto Exchange".
  10. "How We Conducted Our Review". QuadrigaCX Report. Retrieved 2022-03-27.
  11. Yaffe-Bellany, David (2022-03-02). "Millions for Crypto Start-Ups, No Real Names Necessary". The New York Times. ISSN 0362-4331. Retrieved 2022-03-27.
  12. Nicolle, Emily (January 27, 2022). "Crypto Secrecy Makes DeFi a Financial Felon's Wonderland". www.bloomberg.com. Retrieved 2022-03-27.
  13. Carr, Earl. "Wonderland Lost". Forbes. Retrieved 2022-03-27.
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