The Royal Canadian Mounted Police (RCMP) has confirmed a record-breaking seizure of cryptocurrency linked to the centralized alternate TradeOgre, taking management of belongings price greater than 56 million Canadian {dollars}—about 40 million US {dollars}—following a federal policing investigation in Quebec. The company described the operation as “the biggest cryptocurrency seizure in Canadian historical past,” and mentioned it dismantled the platform’s Canadian infrastructure. The information was introduced on September 18 from Montréal.
Canadian Police Confirms $40 Million Crypto Seizure
In line with particulars launched by Canadian media quoting the RCMP, investigators seized servers in Beauharnois within the Montérégie area, which supported TradeOgre’s operations. RCMP Sgt. Mathieu Lagarde mentioned: “The servers that allowed this platform to conduct these transactions had been positioned in Canada. So we seized these servers after which seized the crypto belongings managed by the alternate.” Authorities added that this marks the primary time a cryptocurrency alternate has been dismantled by police in Canada.
The yearlong probe was run by the RCMP Federal Policing – Jap Area’s Cash Laundering Investigative Crew and started in June 2024 after a tip from Europol, in line with the accounts of the investigation offered by authorities and reported by nationwide shops. The RCMP alleges TradeOgre didn’t register with the Monetary Transactions and Reviews Evaluation Centre of Canada (FINTRAC) as a cash companies enterprise and didn’t establish its prospects, circumstances that investigators say allowed legal organizations to hide the origins of funds.
Open-source blockchain intelligence platform Arkham mentioned its tooling was used within the case. In a public publish, Arkham wrote that “as per the RCMP’s web site, Arkham was used as a part of the investigation,” and in a analysis notice the agency documented earlier on-chain indicators—particularly messages embedded in Bitcoin transactions—signaling that Canadian police had claimed possession of funds. Arkham’s report additionally famous TradeOgre’s social and website exercise had gone darkish earlier this summer time (X account inactive since Might; web site offline since July 30).
The RCMP mentioned it’s now analyzing transaction knowledge from the platform and that enforcement actions could comply with: “The transaction knowledge obtained from the platform will likely be analyzed and expenses could comply with. The investigation is ongoing.” Authorities emphasised that no arrests had been introduced as of the discharge and inspired anybody with related data to contact investigators.
Whereas the RCMP’s assertion framed TradeOgre as an unregistered venue used to launder proceeds of crime, the seizure has already prompted a broader debate amongst some customers who declare reputable balances had been swept up with illicit funds. What is evident, nevertheless, is that Canadian regulation enforcement has established a brand new high-water mark for home crypto enforcement and, for the primary time, has taken down the Canadian infrastructure of a cryptocurrency alternate as a part of a money-laundering investigation.
At press time, the whole crypto market cap stood at $4 trillion.
Featured picture created with DALL.E, chart from TradingView.com
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