Canadian Authorities Shut Down TradeOgre, Seize $40M in Crypto
TradeOgre, a once-popular centralized crypto exchange, has been shut down by Canadian authorities. The Royal Canadian Mounted Police (RCMP) seized $40M worth of crypto assets, the largest such seizure in Canada's history. This marks the first crypto exchange shut down by Canadian authorities.
The exchange, known for listing niche and privacy-focused coins, went offline in July 2024, sparking fears of an exit scam. However, it was revealed that the RCMP had shut it down on October 2, 2023. The following day, they seized $40M in crypto assets, a significant blow to the exchange's operators.
The Canadian Money Laundering Investigative Team (MLIT) had probed TradeOgre in June 2024, uncovering serious violations. The exchange operated without requiring users' identity verification, a practice known as no KYC. This allowed it to become a hub for illicit activities, with most funds likely coming from criminal sources seeking to launder money through its anonymity. The probe also found that TradeOgre had broken Canadian laws by failing to register with FINTRAC and ignoring client ID rules.
Authorities have seized transaction data for further analysis and charges may follow as the investigation continues. The shutdown of TradeOgre serves as a stark reminder of the importance of regulation and user verification in the crypto industry. It also highlights Canada's commitment to cracking down on criminal activities facilitated by cryptocurrencies.
