Canada Seizes $40M In Crypto From TradeOgre After Europol Tip

Canadian authorities have seized a record $40 million in crypto from cryptocurrency exchange TradeOgre. The seizure is the country’s largest crypto seizure to date, and comes after a year-long probe by the Royal Canadian Mounted Police (RCMP). 

The authorities began their investigation into TradeOgre after a tip from Europol in June 2024. 

Canada Seizes $40 Million In Crypto 

The Royal Canadian Mounted Police (RCMP) has confirmed the seizure of $40 million in crypto from cryptocurrency exchange TradeOgre. The seizure is the country’s largest cryptocurrency seizure to date, surpassing a case in 2023 when authorities seized $13 million in Bitcoin linked to a darknet fentanyl ring, highlighting the scale of the current seizure. The operation led to the complete dismantling of TradeOgre, the first time Canadian law enforcement agencies completely shut down a cryptocurrency exchange. The platform had been operating without proper registration, and failed to identify its customers. 

A Vital Tip

The seizure comes after a year-long investigation launched in June 2024 after Europol tipped off the Royal Canadian Mounted Police’s money laundering division. The RCMP worked with its financial and cybercrime units, and also used the services of blockchain analytics platform Arkham Intelligence, to trace the illicit flows on the exchange. Authorities alleged that criminal organizations used the platform to launder money. The RCMP also said TradeOgre violated Canadian regulations by failing to register with Fintrac as a money services business, adding that it also failed to complete Know-Your-Customer (KYC) checks. 

According to the authorities, the majority of funds moving through TradeOgre were criminal in origin, and noted that anonymity was one of the key features of the platform. TradeOgre was founded in 2018, offering users privacy-focused tokens like Monero. As a result, it attracted users who wanted anonymity and minimal oversight. The platform’s minimal interface and lack of KYC requirements made it very popular among a niche group of traders. However, it also attracted the attention of law enforcement agencies. 

How The Seizure Unfolded 

Speculation about the platform began in July when its X account and website went offline. This prompted users to wonder if they had fallen for an exit scam. Blockchain sleuths also noted that funds linked to the platform were transferred to wallets with messages embedded in Bitcoin transactions. One message read, 

“Crypto assets controlled by the RCMP.”

This led to speculation that the authorities had stepped in and assumed control of the platform. The RCMP confirmed on Thursday that the encoded messages were genuine and part of the operation against TradeOgre. 

“This marks the largest crypto asset seizure in Canadian history.”

Authorities stated that data recovered from the platform will be analyzed, with criminal charges to follow.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice