DeutschCanada has confirmed that it carried out a strike against the crypto exchange TradeOgre. In the process, cryptocurrencies worth 40 million US dollars were confiscated. TradeOgre is said to have been guilty of money laundering. So far, the authorities have not provided any concrete evidence for this. Nor was an indictment brought. As a result, the crypto scene is raining criticism.
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Canada Confirms Strike against TradeOgre: $40 Million USD Confiscated
Canada confirms a strike against the crypto exchange TradeOgre. The crypto company has been unreachable since the beginning of August. Last week, CoinPro reported on news in the case. Unknown persons brought the company’s deposits under their control. Blockchain data suggested that it could be the intervention of Canadian authorities.
According to a press release from the Royal Canadian Mounted Police, it is certain: The RCMP initiated a targeted operation against TradeOgre, in which the equivalent of 40 million US dollars in the form of various cryptocurrencies was confiscated.
“The (…) has carried out the largest seizure of cryptocurrencies in Canadian history. Thanks to the work of our investigators, who specialize in financial crime, cybercrime and cryptocurrencies, an estimated amount of more than 56 million Canadian dollars was recovered from the TradeOgre platform,” the statement said.
In addition, it is the first incident in Canadian history in which a crypto exchange has been smashed by the intervention of authorities. They had received a tip from EU authority Europol, according to which TradeOgre was involved in money laundering.
“The investigation revealed that the platform violated Canadian laws and regulations,” it continues. Accordingly, the company did not register as a financial service provider with FINTRAC and, contrary to Canadian regulations, did not carry out KYC checks on its customers.
TradeOgre Smashed: That’s why It’s Raining Criticism
The fact that the Canadian authorities have successfully smashed TradeOgre is mainly causing criticism in the crypto scene. Some users reacted indignantly on X. The reason: According to their assessment, the Canadian police only provided pretexts, but no real explanation for the intervention.
Cryptocurrencies worth 40 million US dollars, which are mainly owned by users of the crypto exchange, were confiscated by the RCMP. The police claim that these funds come from criminal sources – but without providing any evidence.
“The investigators have reason to believe that the majority of the funds traded on TradeOgre come from criminal sources,” the RCMP said.
Accordingly, TradeOgre serves to conceal funds and would primarily appeal to and serve criminals in this function. The fact that the service provider did not carry out KYC in the process is not a unique selling point. However, most KYC-free crypto services operate as swappers, while TradeOgre offered a more comprehensive trading platform.
The RCMP has not yet filed charges, but wants to do so in the future. First, they want to evaluate newly available data. Subsequently, lawsuits could follow against the operators of TradeOgre and its users.
Crypto journalist Lola Leetz criticized the actions of the Canadian authorities. She suspects an illegal seizure of user deposits. The whereabouts of the TradeOgre operators are unclear.
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