- Canadian police have closed the TradeOgre crypto exchange and seized $40.5 million in digital assets.
- This is the largest cryptocurrency seizure in Canada to date, according to the Royal Canadian Mounted Police (RCMP).
- The platform’s shutdown followed a tip from European authorities and was related to non-compliance with anti-money laundering rules.
- The RCMP stated that most funds on TradeOgre likely came from criminal sources and the investigation is ongoing.
- The exchange allowed anonymous trading in cryptocurrencies, including privacy coins, which enable hidden transactions.
Canadian authorities have shut down the cryptocurrency exchange TradeOgre and seized $40.5 million in digital assets. The Royal Canadian Mounted Police (RCMP) announced the seizure on Thursday, calling it the country’s largest crypto-related asset confiscation. The action took place after a tip-off from European officials.
The RCMP said they closed the exchange because it failed to follow anti-money laundering rules. Officials confiscated cryptocurrency, including Bitcoin, Ethereum, XRP, Litecoin, Tron, and Qubic, in the operation. “Investigators have reason to believe that the majority of funds transacted on TradeOgre came from criminal sources,” the RCMP said in its statement.
The police explained that TradeOgre allowed users to open accounts and trade cryptocurrencies without revealing their identity. This setup makes it difficult to trace the source of funds, which is often used by criminal organizations to move illegal money. The RCMP noted, “The main attraction of this type of platform, which doesn’t require users to identify themselves… is that it hides the source of funds.” They added the data taken from the platform would be reviewed and could result in future charges.
For months before the announcement, users on forums like Reddit had reported that TradeOgre had gone offline and was unresponsive. Some users expressed concern about the fate of their funds, with one saying, “Guys, what the hell is happening at TradeOgre? They’ve been radio silent and offline for like 24 hours now, I had around 25k USDT in order deposited on the platform, is it an exit scam?”
Blockchain data firm Arkham Intelligence reported tracking millions of dollars in crypto leaving TradeOgre wallets. The firm noted that the exchange supported so-called privacy coins, which are cryptocurrencies designed to keep transaction details private.
At the time of reporting, TradeOgre’s website displayed a message stating the platform had been seized by Canadian police. The RCMP stated the investigation is still ongoing, and further action may take place depending on their findings.
For more, see the full report from Decrypt.
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