RCMP’s year-long probe, sparked by Europol, seized C$56M (~US$40M) and dismantled unregistered TradeOgre, alleging it masked criminal funds by skipping FINTRAC checks.
Canadian authorities have confirmed the country’s largest cryptocurrency seizure to date, taking control of more than 56 million Canadian dollars (about $40 million) in assets from the little-known exchange TradeOgre.
The operation, carried out by the Royal Canadian Mounted Police (RCMP), dismantled the platform entirely, marking the first time Canadian law enforcement has shut down a cryptocurrency exchange.
TradeOgre Shutdown Marks First Exchange Takedown in Canada Amid Global Crackdown
The seizure followed a year-long investigation launched in June 2024 after Europol tipped off the RCMP’s money laundering division.
Working with its 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.
In a statement, the RCMP said 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 that moved 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 and anonymity.
Its stripped-down interface and lack of KYC requirements made it popular with a niche group of traders but also drew scrutiny from law enforcement.
Speculation about the platform’s fate began in July, when its website went offline and its X account went silent. On Reddit, frustrated users questioned whether they had fallen victim to an exit scam.
Source: TradeOgre on Arkham
At the same time, blockchain watchers noticed that funds linked to TradeOgre had been transferred to wallets carrying messages embedded in Bitcoin transactions.
One message read: “Crypto assets controlled by the RCMP,” fueling speculation that authorities had stepped in.
The RCMP confirmed Thursday that the encoded messages were authentic and part of the operation. “This marks the largest crypto asset seizure in Canadian history,” the agency said, adding that the seizure also represented the first dismantling of an exchange in the country.
Officials said the data recovered from TradeOgre would now be analyzed, with criminal charges expected to follow.
Arkham Intelligence, which assisted the investigation, reported that more than $40 million worth of crypto assets were removed from the exchange’s wallets in recent days, which the RCMP has now claimed ownership of.
