Canadian federal policing announced yesterday that it has seized $56 million in cryptocurrencies as part of a money laundering and terrorist financing investigation. The funds were recovered from the TradeOgre platform, which was not registered with local authorities and was used for criminal activities, according to investigators. This seizure is a record in Canada, and the investigation is continuing to determine the extent of the case. Let’s head to Canada to take stock of this case, which is raising a storm of indignation among honest users who find themselves trapped.
The TradeOgre platform was not registered with the federal authorities.s
According to a press release issued yesterday, Canadian federal policing teams seized more than $56 million in cryptocurrency on the TradeOgre platform as part of a money laundering and terrorist financing investigation. Investigators found that the platform was not registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and did not comply with Canadian anti-money laundering laws.
The police also found that the platform was used by criminal organizations to launder money from illegal activities, such as drug trafficking, fraud, and computer hacking. According to investigators, the majority of the funds transiting through TradeOgre came from criminal sources, and the platform made it possible to hide the origin of the funds by not asking its users for identification.
Canadian Federal Police Seized $56 Million in Crypto.
The seizure of the funds was carried out with the assistance of Europol, which first provided information on suspicious transactions on the platform. The investigation was then conducted by the Money Laundering Investigation Team (MLIT), which opened the case in June 2024. This is the largest cryptocurrency seizure in Canadian history and the first time an exchange has been dismantled by law enforcement.
The transactional data obtained by the police will be analyzed and could lead to legal proceedings against the platform’s managers and their accomplices. The investigation is still ongoing, and the Canadian Federal Police have launched a call for witnesses to gather information on illegal activities related to the TradeOgre platform.
While waiting for the legal consequences of this case, dozens, if not hundreds, of completely honest users of the platform – or declaring themselves to be so – are complaining about an unfair and totally arbitrary action by the police. What will happen to customer funds that have nothing to do with the platform’s illegal activities? How will they be considered? As collateral victims? Alleged accomplices? So many unanswered questions after the thunderclap tradeOgre.
