Canadian police made history with their largest-ever cryptocurrency seizure, netting over $40 million USD (about $56 million CAD). This massive operation targeted the TradeOgre cryptocurrency exchange.
Taking Down TradeOgre
The Royal Canadian Mounted Police (RCMP) seized servers in Quebec that powered TradeOgre’s operations. This effectively shut down the exchange’s Canadian infrastructure. Sgt. Mathieu Lagarde explained that seizing the servers allowed them to also seize the crypto assets controlled by the exchange. This is the first time Canadian police have taken down a crypto exchange.
A Year-Long Investigation
The investigation, which started in June 2024 thanks to a tip from Europol, lasted a year. The RCMP accused TradeOgre of failing to register with FINTRAC (Canada’s financial intelligence unit) and not properly identifying its customers. This, investigators say, allowed criminals to easily launder money.
Tech Helped Crack the Case
Blockchain analysis firm Arkham Intelligence played a role, providing tools that helped the RCMP during the investigation. Arkham noticed clues hidden within Bitcoin transactions, indicating the police had taken control of the funds. They also noted that TradeOgre’s online presence went dark earlier this year.
What’s Next?
The RCMP is now analyzing TradeOgre’s transaction data, and charges could be filed later. No arrests have been made yet, but anyone with information is encouraged to contact the investigators.
Controversy and the Future of Crypto Enforcement
While the RCMP highlighted TradeOgre’s role in money laundering, some users claim their legitimate funds were also seized. Regardless of the specifics, this seizure sets a new standard for Canadian crypto enforcement. It demonstrates a clear message: Canada is serious about tackling cryptocurrency-related crime.