DeutschThe crypto exchange TradeOgre is apparently losing control over its customer deposits. According to blockchain analysts, the service’s hot wallets contain at least $27 million in various cryptocurrencies. The marketplace has been offline since August. Now there is movement. Apparently, the Canadian police confiscated all deposits.
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Crypto Exchange TradeOgre Loses Customer Deposits: are Authorities behind it?
The crypto exchange TradeOgre is currently losing customer deposits – several blockchain analysts are reporting this. They refer to public blockchain data. TradeOgre is a popular marketplace that opened its doors in 2018.
Due to its deliberately simple services and low entry barriers, the crypto exchange gained popularity. TradeOgre is particularly known as a haven for privacy coins. Only trading in cryptocurrencies was permitted, which meant that KYC was not required for users. With these features, TradeOgre was able to close a gap in the market between classic crypto exchanges and swappers.
There were already initial signs at the beginning of August that TradeOgre was experiencing difficulties. The service was suddenly no longer available. According to security experts from Nexa, the marketplace’s activity came to a standstill on August 4 at the latest. Users have since been unable to access deposited funds.
The disappearance of TradeOgre has since been a mystery. Users are constantly inquiring about the status of the crypto exchange on social networks. It was previously unclear why the service was no longer available, but now there are initial indications.
It appears that Canadian law enforcement authorities have intervened. Rumor has it that TradeOgre was used by cybercriminals to cover their tracks. This may have brought the centralized crypto exchange into the focus of the authorities.
Blockchain forensic scientist ErgoBTC reported on new developments surrounding the crypto exchange a few hours ago. He wrote:
“There is very noticeable news about the status of TradeOgre,” wrote the forensic scientist
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Unknown users sent a chat message via Ethereum, suggesting that Canadian authorities have taken control of TradeOgre’s wallets.
“These cryptocurrencies are controlled by the RCMP,” it says there. The RCMP is the federal police authority of the Canadian state. ErgoBTC was unable to track the message because the network fees paid came from the swapper ChangeNow.
Is TradeOgre Currently Performing an Exit Scam?
Some X users fear that TradeOgre is currently carrying out an exit scam. According to information from Arkham, there are still at least 27 million US dollars in the crypto exchange’s hot wallets, which could continue to be withdrawn.
There have been several movements over the last few hours. Some funds have been sent from the hot wallets to other blockchain addresses. The legitimacy of the message, which suggests that the Canadian police have taken over the funds, has not yet been definitively proven. Experts from Nexa consider this message to be legitimate. A possible exit scam by the operators is therefore currently less likely.
“The information has not been confirmed by an official source, but the on-chain markers strongly suggest its legitimacy.”
There is no message to be found on TradeOgre’s official website. The website has been offline for more than a month. The crypto exchange’s official X account has also been inactive for months. The last entry is from May.
