The Royal Canadian Mounted Police (RCMP) has carried out the biggest cryptocurrency seizure in Canadian historical past, confiscating greater than $56 million linked to suspected cash laundering exercise.
In keeping with federal policing officers in Montréal, the operation not solely froze the property but in addition led to the dismantling of TradeOgre, a cryptocurrency trade platform that investigators say was working illegally in Canada. This marks the primary time Canadian regulation enforcement has shut down a crypto trade.
How the investigation started
The case was opened in June 2024 after Europol shared intelligence with Canadian authorities. The RCMP’s Cash Laundering Investigative Staff (MLIT), working alongside cybercrime and crypto specialists, found that TradeOgre had didn’t register with FINTRAC (the Monetary Transactions and Experiences Evaluation Centre of Canada) as required for cash providers companies. The platform additionally didn’t confirm buyer identities, creating an setting ripe for abuse.
Legal funds underneath suspicion
Investigators imagine a lot of the funds transferring by TradeOgre got here from prison organizations utilizing the platform to launder illicit proceeds. By permitting customers to create nameless accounts, the trade successfully masked the origins of cash flows, a tactic lengthy related to organized crime.
Subsequent steps within the case
The RCMP confirmed that transaction knowledge seized from the trade will endure forensic evaluation, which might end in costs. For now, the platform stays offline, changed with a discover stating that its property have been seized by regulation enforcement.
Officers highlighted that the record-breaking $56 million seizure underscores Canada’s rising deal with monetary crime within the digital asset sector. The investigation stays ongoing.
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