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.
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.
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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.
