Royal Canadian Mounted Police confiscated CA$56 million ($40.46 million) from the crypto exchange TradeOgre, the largest digital asset seizure in the country’s history.
The RCMP says its TradeOgre action is also the first time that an exchange has been completely dismantled by Canadian law enforcement.
The law enforcement agency’s Money Laundering Investigative Team (MLIT) started investigating TradeOgre in June 2024 after receiving a tip from Europol.
The RCMP says the trading platform failed to register as a money services business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). TradeOgre also allegedly failed to identify its clients.
Investigators believe the majority of the exchange’s trading volume originated from criminal sources. The RCMP also notes that it plans to analyze TradeOgre’s transaction data and may charge associated individuals in the future.
The seizure wasn’t without controversy in the crypto community, as certain TradeOgre users claimed the RCMP stole their assets without cause.
Taylor Monahan, a security professional at MetaMask, says TradeOgre was the best exchange for random layer-1 coins.
“Sorry to contradict your ‘beliefs,’ but last time I checked, my friends and I are not criminals.
Very much looking forward to seeing the evidence, and for you to provide recourse to ALL innocent parties you stole money from without notification and without due process.”
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