Canadian police have seized greater than $56 million CAD
in cryptocurrency and shut down a buying and selling platform, marking the nation’s “largest
cryptocurrency seizure in Canadian historical past.”
12 months-Lengthy Investigation
The Royal Canadian Mounted Police (RCMP) mentioned its
Jap Area’s Cash Laundering Investigative Group (MLIT) started probing the
platform in June 2024 after receiving a tip from Europol.
RCMP say $56-million TradeOgre cryptocurrency seizure is greatest in Canadian historical past https://t.co/Gz8jCpRxdk pic.twitter.com/nGFB3dO2Xw
— Montreal Gazette (@mtlgazette) September 18, 2025
Digital property meet tradfi in London on the fmls25
“RCMP Federal Policing – Jap Area has carried
out the biggest cryptocurrency seizure in Canadian historical past,” the authorities
introduced.
“Due to the work of investigators specialised in
monetary crime, cybercrime, and cryptocurrencies, an estimated sum of over
56 million {dollars} was recovered from the platform TradeOgre,” they additional defined.
The investigation revealed that TradeOgre had not
registered with the Monetary Transactions and Reviews Evaluation Centre of
Canada (FINTRAC) and did not confirm buyer identities.
Illicit Funds Alleged
In response to investigators, most funds shifting by
the platform originated from legal exercise. Authorities mentioned TradeOgre’s
nameless account setup made it a channel for organized crime teams to obscure
the supply of illicit proceeds.
In response to the companies, “Investigators have motive to
consider that almost all of funds transacted on TradeOgre got here from legal
sources. The primary attraction of this sort of platform, which doesn’t require
customers to establish themselves to make an account, is that it hides the supply of
funds.”
The case marks the primary time Canadian police have
dismantled a cryptocurrency change. Officers mentioned the seizure highlights
rising efforts to implement compliance amongst buying and selling platforms and to focus on
money-laundering exercise within the digital asset sector.
Earlier Warning on Social Media Scams
In the meantime, the Canadian Securities Directors issued a
warning about fraudulent “funding teams” that had been spreading throughout social
media platforms final yr. These teams, working primarily on Fb and
Instagram, enticed people with guarantees of excessive returns, solely to go away
many traders dealing with important monetary losses.
Preserve studying: Canadian Securities Regulator Uncovers Social Media Funding Scams
In response to the regulator, the scams typically took the type of
so-called “pump and dump” schemes. Fraudsters would promote a inventory they
already owned, creating synthetic hype and inflating its worth.
The CSA famous that these scams had been incessantly organized
by personal WhatsApp teams. Scammers would first appeal to potential victims
by public promotions on social media, then transfer them into encrypted chats.
This text was written by Jared Kirui at www.financemagnates.com.
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