Canadian police have shut down the cryptocurrency trading platform TradeOgre and seized digital assets valued at more than $40 million USD, marking both the country’s largest cryptocurrency seizure and the first time a crypto exchange has been dismantled by national law enforcement.
A Platform Built on Anonymity
TradeOgre was a small but notable exchange that allowed users to trade niche digital currencies, including Monero, which is popular for its privacy features. The platform stood out for avoiding Know Your Customer (KYC) checks, meaning people could open accounts without providing identification. According to the Royal Canadian Mounted Police (RCMP), TradeOgre also failed to register as a money services business with FINTRAC, Canada’s financial watchdog. These gaps made the exchange appealing to those seeking anonymity but also raised red flags for regulators.
The case began in June 2024, when Canada’s Money Laundering Investigative Team (MLIT) opened a probe after receiving intelligence from Europol. Investigators relied on blockchain tracing tools to track wallet activity linked to the platform. In July 2024, TradeOgre suddenly went offline without any announcement from its operators, fueling rumors among users that it had carried out an “exit scam.” Authorities later confirmed that the takedown was part of their enforcement action.
Why Authorities Took Action
The RCMP
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