Canadian police have seized more than $56 million CAD
in cryptocurrency and shut down a trading platform, marking the country’s “largest
cryptocurrency seizure in Canadian history.”
Year-Long Investigation
The Royal Canadian Mounted Police (RCMP) said its
Eastern Region’s Money Laundering Investigative Team (MLIT) began probing the
platform in June 2024 after receiving a tip from Europol.
RCMP say $56-million TradeOgre cryptocurrency seizure is biggest in Canadian history https://t.co/Gz8jCpRxdk pic.twitter.com/nGFB3dO2Xw
— Montreal Gazette (@mtlgazette) September 18, 2025
Digital assets meet tradfi in London at the fmls25
“RCMP Federal Policing – Eastern Region has carried
out the largest cryptocurrency seizure in Canadian history,” the authorities
announced.
“Thanks to the work of investigators specialized in
financial crime, cybercrime, and cryptocurrencies, an estimated sum of over
56 million dollars was recovered from the platform TradeOgre,” they further explained.
The investigation revealed that TradeOgre had not
registered with the Financial Transactions and Reports Analysis Centre of
Canada (FINTRAC) and failed to verify customer identities.
Illicit Funds Alleged
According to investigators, most funds moving through
the platform originated from criminal activity. Authorities said TradeOgre’s
anonymous account setup made it a channel for organized crime groups to obscure
the source of illicit proceeds.
According to the agencies, “Investigators have reason to
believe that the majority of funds transacted on TradeOgre came from criminal
sources. The main attraction of this type of platform, which doesn’t require
users to identify themselves to make an account, is that it hides the source of
funds.”
The case marks the first time Canadian police have
dismantled a cryptocurrency exchange. Officials said the seizure highlights
growing efforts to enforce compliance among trading platforms and to target
money-laundering activity in the digital asset sector.
Previous Warning on Social Media Scams
Meanwhile, the Canadian Securities Administrators issued a
warning about fraudulent “investment groups” that were spreading across social
media platforms last year. These groups, operating mainly on Facebook and
Instagram, enticed individuals with promises of high returns, only to leave
many investors facing significant financial losses.
Keep reading: Canadian Securities Regulator Uncovers Social Media Investment Scams
According to the regulator, the scams often took the form of
so-called “pump and dump” schemes. Fraudsters would promote a stock they
already owned, creating artificial hype and inflating its price.
The CSA noted that these scams were frequently organized
through private WhatsApp groups. Scammers would first attract potential victims
through public promotions on social media, then move them into encrypted chats.
This article was written by Jared Kirui at www.financemagnates.com.
Source link
