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
Japanese Area’s Cash Laundering Investigative Crew (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 – 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 Studies Evaluation Centre of
Canada (FINTRAC) and didn’t confirm buyer identities.
Illicit Funds Alleged
In keeping with investigators, most funds shifting by means of
the platform originated from felony exercise. Authorities mentioned TradeOgre’s
nameless account setup made it a channel for organized crime teams to obscure
the supply of illicit proceeds.
In keeping with the companies, “Investigators have motive to
consider that almost all of funds transacted on TradeOgre got here from felony
sources. The principle attraction of any such 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 trade. 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 buyers dealing with important monetary losses.
Hold studying: Canadian Securities Regulator Uncovers Social Media Funding Scams
In keeping with the regulator, the scams usually 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 had been continuously organized
by means of personal WhatsApp teams. Scammers would first appeal to potential victims
by means of 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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