Canadian Police Seize $56 Million in Cryptocurrency from Criminal Online Platform
In a groundbreaking move, the Royal Canadian Mounted Police (RCMP) have confiscated $56 million worth of cryptocurrency from an illicit online exchange platform. This marks the largest seizure of its kind in Canadian history.
The platform in question, TradeOgre, located in Beauharnois, Montérégie, near Montreal, was identified as a hub used by criminal organizations for money laundering activities. It is also the first instance of a cryptocurrency exchange being shut down by Canadian authorities.
Sergeant Mathieu Lagarde of the RCMP revealed that the servers facilitating TradeOgre’s transactions were based in Canada, allowing law enforcement to seize both the servers and the crypto assets under the platform’s control.
TradeOgre operated without mandating user identification, enabling it to obscure the origins of its funds, a practice that facilitated illicit activities.
The RCMP’s investigation was initiated in June 2024 following a tip-off from Europol, signaling international cooperation in combating cybercrime.
The platform’s non-compliance with Canadian regulations, particularly its lack of registration with FINTRAC as a money services business and failure to verify customer identities, made it an attractive hub for criminals seeking anonymity.
Sgt. Lagarde emphasized that TradeOgre’s appeal lay in its ability to shield users from scrutiny, making it challenging to trace and link funds to individuals engaging in unlawful activities.
While no arrests have been made yet, investigators are scrutinizing transaction data from the platform, with potential charges pending as the inquiry progresses.
The RCMP urges anyone with pertinent information to reach out at 514-939-8300/1-800-771-5401 or contact their local law enforcement agency.
