The Royal Canadian Mounted Police (RCMP) has conducted a record cryptocurrency seizure in the country, confiscating assets worth over 56 million Canadian dollars (approximately $40.5 million at current exchange rates). The operation took place following the closure of the cryptocurrency exchange TradeOgre, which is suspected of involvement in money laundering.
This is reported by Business • Media
TradeOgre Accused of Facilitating Crime
According to official statements from the RCMP, TradeOgre’s operations did not comply with anti-money laundering regulations. The exchange allowed the creation of accounts without user identification, complicating the tracking of funding sources and facilitating the use of the platform by criminal organizations.
“Investigators have reason to believe that the majority of funds transacted through TradeOgre originate from criminal sources,” the police statement reads.
During the searches, law enforcement seized various types of cryptocurrencies, including Bitcoin, Ethereum, XRP, Litecoin, Tron, and Qubic. The official website of TradeOgre currently displays a notice about the platform’s seizure by Canadian police.
User Reactions and Further Investigative Actions
Several months before the official announcement of the asset seizure, Reddit users reported issues accessing TradeOgre and the inability to withdraw funds. Some suspected fraud on the part of the exchange, as it was unresponsive to inquiries and failed to meet its obligations to clients.
The Canadian police emphasize that data on all transactions from the exchange will be thoroughly analyzed, and they do not rule out the possibility of criminal charges in the ongoing investigation.
The analytical company Arkham Intelligence tracked the movement of large sums from TradeOgre, highlighting that the service allowed the circulation of anonymous coins, concealing transaction information. This also contributed to the platform’s popularity among individuals seeking to avoid financial monitoring.
Additionally, the company Tether, which issues the stablecoin USDT, recently assisted Canadian police in recovering approximately 460,000 USDT that were lost due to a fraudulent investment scheme.