Canadian authorities seize $56 million worth of cryptocurrency from TradeOgre, marking the country's largest ever crypto confiscation.
The Royal Canadian Mounted Police (RCMP) has taken enforcement action against the unregistered cryptocurrency platform, TradeOgre, marking a significant milestone in the crackdown on unregulated crypto platforms and the risks they pose to financial systems.
TradeOgre, which had not registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), was found to be a vulnerability exploited by criminal organizations. The platform allowed anonymous accounts, concealing the origin of funds and facilitating money laundering operations.
The RCMP, in collaboration with blockchain intelligence company Arkham, analysed transaction patterns and traced crypto movements to uncover the extent of the illegal activities on TradeOgre. The investigation, which is part of an ongoing operation, has led to the seizure of over CAD 56 million in cryptocurrency, making it the largest crypto confiscation in Canadian history.
The RCMP aims to identify individuals involved in these activities and potentially pursue criminal charges once the analysis concludes. Most transactions on TradeOgre are suspected to have originated from criminal sources.
The RCMP Federal Policing - Eastern Region led the investigation, with specialized teams focusing on financial crime, cybercrime, and cryptocurrencies. The lack of user identity verification on TradeOgre created a risk for money laundering activities.
Canadian authorities have emphasized the importance of complying with FINTRAC regulations and maintaining user transparency. The seized cryptocurrency, approximately $40 million USD, may serve as a warning to other platforms operating without proper oversight.
The RCMP is appealing to the public for assistance in uncovering additional criminal networks operating through similar unregistered platforms. This seizure marks the first time Canadian law enforcement has dismantled a cryptocurrency exchange platform, demonstrating the commitment to protecting the financial system from illicit activities.
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