Canadian police seized cryptocurrency worth 56 million Canadian dollars and shut down the TradeOgre platform

ChainCatcher news, according to CoinDesk, the Royal Canadian Mounted Police (RCMP) has executed the largest cryptocurrency seizure operation in the country to date, recovering over 56 million Canadian dollars in cryptocurrency from the TradeOgre exchange, setting a record for the amount seized, and marking the first successful dismantling of a cryptocurrency trading platform by Canadian police.

This operation is the result of a year-long investigation by the money laundering investigation team, initiated by a tip-off from Europol in June 2024, which alleged that the platform was involved in illegal activities. Police discovered that TradeOgre was not registered with the Financial Transactions and Reports Analysis Centre of Canada and had not verified customer identities. The RCMP alleges that the funds flowing through the platform largely originated from illegal sources, as it allowed anonymous account openings, facilitating criminal groups in concealing the origins of their funds. Transaction data is currently being analyzed, and the investigation is ongoing, with potential charges to follow.