The RCMP say it has carried out the largest cryptocurrency seizure in Canadian history.

The work of investigators specialized in financial crime, cybercrime and cryptocurrencies, led to the seizure of an estimated sum of over 56 million dollars was recovered from the platform TradeOgre. This also marks the first time that a cryptocurrency exchange platform has been dismantled by Canadian law enforcement.

The Money Laundering Investigative Team (MLIT) opened the file in June 2024, after getting a tip from Europol. The platform failed to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money services business and did not identify its clients.

Investigators have reason to believe that the majority of funds transacted on TradeOgre came from criminal sources. The RCMP says 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 which is a common tactic used by criminal organizations that launder money.

The investigation is ongoing.