Canada Seizes Record $40M in Crypto from TradeOgre Exchange

Canadian authorities have confirmed the country’s largest cryptocurrency seizure to date, taking control of more than 56 million Canadian dollars (about $40 million) in assets from the little-known exchange TradeOgre.

The operation, carried out by the Royal Canadian Mounted Police (RCMP), dismantled the platform entirely, marking the first time Canadian law enforcement has shut down a cryptocurrency exchange.

The seizure followed a year-long investigation launched in June 2024 after Europol tipped off the RCMP’s money laundering division.

Working with its financial and cybercrime units and blockchain analytics firm Arkham Intelligence, police traced illicit flows on the exchange, which they allege was used by criminal organizations to launder money.

RCMP press release:https://t.co/cCch36OEz3

In a statement, the RCMP said TradeOgre violated Canadian regulations by failing to register with Fintrac as a money services business and by not conducting know-your-customer checks.

Investigators believe the majority of funds that moved through the exchange were criminal in origin, noting that anonymity was a key feature of the platform.

Founded in 2018, TradeOgre built a reputation around trading privacy-focused coins such as Monero and emerging altcoins, attracting users who valued minimal oversight and anonymity.

Its stripped-down interface and lack of KYC requirements made it popular with a niche group of traders but also drew scrutiny from law enforcement.

Speculation about the platform’s fate began in July, when its website went offline and its X account went silent. On Reddit, frustrated users questioned whether they had fallen victim to an exit scam.

At the same time, blockchain watchers noticed that funds linked to TradeOgre had been transferred to wallets carrying messages embedded in Bitcoin transactions.

One message read: “Crypto assets controlled by the RCMP,” fueling speculation that authorities had stepped in.

The RCMP confirmed Thursday that the encoded messages were authentic and part of the operation. “This marks the largest crypto asset seizure in Canadian history,” the agency said, adding that the seizure also represented the first dismantling of an exchange in the country.

Officials said the data recovered from TradeOgre would now be analyzed, with criminal charges expected to follow.

Arkham Intelligence, which assisted the investigation, reported that more than $40 million worth of crypto assets were removed from the exchange’s wallets in recent days, which the RCMP has now claimed ownership of.

Requests for comment sent to TradeOgre went unanswered. The exchange’s last public activity dates back to May 2025, months before the shutdown.

Authorities in Canada and the United States are stepping up their fight against crypto crime following a series of record seizures and joint operations.

On August 15, more than $300 million in cryptocurrency tied to fraud and money laundering was frozen through two parallel initiatives.

The first, led by the T3 Financial Crime Unit alongside TRM Labs, Tether, Binance, and TRON, has seized over $250 million in illicit assets since its launch in September 2024.

Law enforcement and private companies have frozen over $300 million in crypto in an anti-fraud crackdown across two separate initiatives.#CryptoSeizures #CryptoFraud #Chainalysishttps://t.co/AilEQWoXmz

Tether CEO Paolo Ardoino said the effort showed “what’s possible when the industry comes together with a shared goal.”

The second initiative involved Canadian and U.S. agencies working with Chainalysis to block another $74 million. Under Project Atlas, spearheaded by the Ontario Provincial Police, more than 2,000 crypto wallets linked to scams were identified across 14 countries, preventing an estimated $70 million in theft.

A separate arm, Operation Avalanche, focused on Ethereum-based fraud, seizing $4.3 million with the support of Canadian police and regulators.

The United States Secret Service and Canadian officials teamed up to stop an Ethereum-based approval phishing scam.#SecretService #EthereumBlockchainhttps://t.co/3bKrvg4nST

The collaboration expanded in April when the U.S. Secret Service joined Canadian officials under Operation Avalanche, warning victims about phishing schemes and halting further losses.

“We will continue working with Canadian law enforcement and financial partners to identify and seize stolen assets to return to victims,” said Special Agent Matt McCool.

In June, the U.S. Department of Justice announced its largest-ever Tether seizure, moving to recover $225 million linked to a global “pig butchering” scam that funneled funds through OKX before consolidating into USDT wallets.

The surge in enforcement comes amid growing losses to crypto fraud. According to the FBI, investors lost $9.3 billion in 2024, up 66% from the year before.

Officials warned that ransomware remains a leading threat to U.S. infrastructure, with more than 5,400 people notified of scams so far this year.

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