Canada Seizes 56M CAD Crypto, Shuts Down TradeOgre
Canada Shuts Down TradeOgre and Seizes Digital Assets
On September 19, the Royal Canadian Mounted Police (RCMP) confirmed that they had shut down the crypto exchange TradeOgre after months of inactivity and seized more than 56 million CAD, equivalent to 40.5 million USD, in digital assets. The seized cryptocurrencies included Bitcoin, Ethereum, XRP, Litecoin, Tron, and Qubic. This is considered the largest crypto seizure ever in Canada and marks a strong step by the country in tightening the regulation of digital assets.
Reasons Behind TradeOgre’s Suspension
According to the RCMP, TradeOgre was taken down after Canadian authorities received alerts from European agencies regarding its failure to comply with anti-money laundering regulations. The platform allowed users to open accounts without identity verification, making funds difficult to trace and easily exploited by criminal organizations. The RCMP confirmed that most of the transactions on the exchange were linked to illicit sources and that all transaction data has been collected for further investigation.
Users Confused Before The Exchange Went Offline
Before the platform was officially seized, many users on Reddit had raised questions about why TradeOgre suddenly went silent and stopped responding for several weeks. Some investors reported losing access to tens of thousands of U.S. dollars. Meanwhile, blockchain analytics firm Arkham Intelligence revealed that it had been tracking TradeOgre’s transactions and found millions of dollars worth of crypto leaving the exchange before its shutdown.
Global Trend Of Stricter Crypto Regulations
Beyond Canada, many other countries are also implementing tougher measures to curb money laundering through cryptocurrencies. Recently, Sweden’s Minister of Justice, Gunnar Strömmer, called on the police and tax authorities to strengthen efforts in seizing illicit assets, including crypto, under new legislation that permits seizures even without proven criminal charges. This global trend highlights the increasing scrutiny and tighter control over digital assets.
Conclusion
The TradeOgre case not only set a record for the value of seized digital assets but also served as a wake-up call for crypto exchanges operating without transparency. Canada has demonstrated its determination to combat money laundering through digital currencies, and this move may set a precedent for other countries worldwide in the near future.
Disclaimer: The content above reflects the author’s personal views and does not represent any official position of Cobic News. The information provided is for informational purposes only and should not be considered as investment advice from Cobic News.