The Royal Canadian Mounted Police (RCMP) has confirmed a record-breaking seizure of cryptocurrency linked to the centralized exchange TradeOgre, taking control of assets worth more than 56 million Canadian dollars—about 40 million US dollars—following a federal policing investigation in Quebec. The agency described the operation as “the largest cryptocurrency seizure in Canadian history,” and said it dismantled the platform’s Canadian infrastructure. The news was announced on September 18 from Montréal.
According to details released by Canadian media quoting the RCMP, investigators seized servers in Beauharnois in the Montérégie region, which supported TradeOgre’s operations. RCMP Sgt. Mathieu Lagarde said: “The servers that allowed this platform to conduct these transactions were located in Canada. So we seized these servers and then seized the crypto assets controlled by the exchange.” Authorities added that this marks the first time a cryptocurrency exchange has been dismantled by police in Canada.
The yearlong probe was run by the RCMP Federal Policing – Eastern Region’s Money Laundering Investigative Team and began in June 2024 after a tip from Europol, according to the accounts of the investigation provided by authorities and reported by national outlets. The RCMP alleges TradeOgre failed to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money services business and did not identify its customers, conditions that investigators say allowed criminal organizations to conceal the origins of funds.
The RCMP said it is now analyzing transaction data from the platform and that enforcement actions may follow: “The transaction data obtained from the platform will be analyzed and charges may follow. The investigation is ongoing.” Authorities emphasized that no arrests had been announced as of the release and encouraged anyone with relevant information to contact investigators.
At press time, the total crypto market cap stood at $4 trillion.
