The Royal Canadian Mounted Police (RCMP) has executed Canada's largest cryptocurrency seizure to date, confiscating over 56 million Canadian dollars (approximately $40 million USD) from the TradeOgre exchange and completely dismantling the platform. This marks the first time Canadian law enforcement has shut down a cryptocurrency exchange.
The operation followed a year-long investigation launched in June 2024 after Europol tipped off the RCMP's money laundering division. Working with financial and cybercrime units and blockchain analytics firm Arkham Intelligence, police traced illicit flows on the exchange, which they allege was used by criminal organizations to launder money.
The RCMP stated that TradeOgre violated Canadian regulations by failing to register with Fintrac as a money services business and by not conducting know-your-customer checks. Investigators believe the majority of funds moving through the exchange were criminal in origin, noting that anonymity was a key feature of the platform.
Founded in 2018, TradeOgre built a reputation around trading privacy-focused coins such as Monero and emerging altcoins, attracting users who valued minimal oversight. The exchange's stripped-down interface and lack of KYC requirements made it popular with niche traders but drew law enforcement scrutiny.
Speculation about the platform's fate began in July when its website went offline and its X account went silent. Blockchain watchers noticed funds linked to TradeOgre had been transferred to wallets carrying messages embedded in Bitcoin transactions, including one that read: "Crypto assets controlled by the RCMP."
The RCMP confirmed the encoded messages were authentic and part of the operation. Officials said the data recovered from TradeOgre will now be analyzed, with criminal charges expected to follow. The seizure included Bitcoin, Ethereum, XRP, Litecoin, Tron, and Qubic assets.
BTC
SOL
XRP
MIM
LTC