The Royal Canadian Mounted Police (RCMP) has confirmed a record-breaking seizure of cryptocurrency linked to the centralized change 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 most important cryptocurrency seizure in Canadian historical past,” and stated it dismantled the platform’s Canadian infrastructure. The information was introduced on September 18 from Montréal.
Canadian Police Confirms $40 Million Crypto Seizure
In accordance 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 stated: “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 change.” Authorities added that this marks the primary time a cryptocurrency change has been dismantled by police in Canada.
The yearlong probe was run by the RCMP Federal Policing – Japanese Area’s Cash Laundering Investigative Workforce and started in June 2024 after a tip from Europol, in response to 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 determine its clients, situations that investigators say allowed felony organizations to hide the origins of funds.
Open-source blockchain intelligence platform Arkham stated its tooling was used within the case. In a public submit, Arkham wrote that “as per the RCMP’s web site, Arkham was used as a part of the investigation,” and in a analysis word 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 web site exercise had gone darkish earlier this summer season (X account inactive since Could; web site offline since July 30).
The RCMP stated it’s now analyzing transaction knowledge from the platform and that enforcement actions might observe: “The transaction knowledge obtained from the platform will probably be analyzed and expenses might observe. 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 legit balances had been swept up with illicit funds. What is obvious, nonetheless, is that Canadian legislation 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 change 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
Editorial Course of for bitcoinist is centered on delivering completely researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent assessment by our workforce of prime expertise specialists and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.