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) stated its
Japanese 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 belongings meet tradfi in London on the fmls25
“RCMP Federal Policing – Japanese Area has carried
out the most important 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 via
the platform originated from prison exercise. Authorities stated TradeOgre’s
nameless account setup made it a channel for organized crime teams to obscure
the supply of illicit proceeds.
In response to the businesses, “Investigators have purpose to
consider that almost all of funds transacted on TradeOgre got here from prison
sources. The primary attraction of this sort of platform, which doesn’t require
customers to determine 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 alternate. Officers stated 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 have been spreading throughout social
media platforms final 12 months. These teams, working primarily on Fb and
Instagram, enticed people with guarantees of excessive returns, solely to depart
many buyers going through important monetary losses.
Hold 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 value.
The CSA famous that these scams have been continuously organized
via non-public WhatsApp teams. Scammers would first appeal to potential victims
via public promotions on social media, then transfer them into encrypted chats.
This text was written by Jared Kirui at www.financemagnates.com.
