RCMP Shuts Down Dark Horse of Crypto: Anonymity’s Downfall in $56M Seizure

Canadian authorities have made the country's largest cryptocurrency seizure to date, seizing over $56 million in digital assets from TradeOgre, an unregistered cryptocurrency exchange. The Royal Canadian Mounted Police (RCMP) confirmed the operation, marking the first time a cryptocurrency exchange has been dismantled in Canada. The RCMP’s Eastern Region federal policing division stated that TradeOgre violated Canadian laws by failing to register with Fintrac as a money services business and did not implement know-your-customer (KYC) procedures. Investigators believe that the majority of the funds transacted on the platform originated from criminal activity, leveraging TradeOgre’s anonymity to obscure the sources of illicit funds.

The investigation into TradeOgre began in June 2024 after a tip from Europol to the RCMP’s money laundering division. Canadian authorities collaborated with financial and cybercrime units as well as blockchain analytics firm Arkham Intelligence to trace illicit flows through the platform. The RCMP highlighted that the absence of KYC requirements was a key factor in the exchange’s appeal to criminal organizations. The operation led to the seizure of over $56 million in Canadian dollars (approximately $40 million in U.S. dollars), with the RCMP stating that the funds have been transferred to government-controlled addresses.

TradeOgre, founded in 2018 and based in California, gained popularity for trading privacy-focused cryptocurrencies such as Monero and for its rapid onboarding of new altcoins. The platform attracted a niche group of users who valued minimal oversight and anonymity, features that also made it attractive to illicit actors. As early as July 2025, speculation about TradeOgre’s closure began circulating on social media platforms like Reddit, with users reporting that the platform was no longer accessible and that customer support was unresponsive. Blockchain analysts later confirmed that funds linked to the platform were moved to wallets with embedded messages such as “Crypto assets controlled by the RCMP,” aligning with the RCMP’s confirmation of the seizure.

The RCMP has not yet announced charges but indicated that the transaction data obtained during the operation will be analyzed to determine if criminal charges will follow. TradeOgre’s failure to maintain KYC compliance and its lack of registration with Canadian financial authorities have drawn renewed attention to the risks associated with unregulated cryptocurrency platforms. The RCMP’s action underscores Canada’s growing emphasis on enforcing regulatory standards for crypto trading platforms, aligning with global trends of increased scrutiny and enforcement in the crypto sector.

In recent months, Canadian and U.S. authorities have collaborated on multiple high-profile operations targeting crypto crime. These include the seizure of over $300 million in fraudulent and money-laundering-related cryptocurrency assets and the blocking of thousands of scam wallets under initiatives like Project Atlas and Operation Avalanche. The RCMP’s seizure of TradeOgre’s assets reflects a broader trend of law enforcement agencies and regulatory bodies working closely with industry partners to identify and dismantle platforms that facilitate financial crime.

The event also highlights the broader regulatory environment in Canada, where the Canadian Securities Administrators (CSA) have been actively updating and enforcing regulations for crypto trading platforms. These efforts include requiring platforms to register with securities regulators, implement KYC and anti-money laundering procedures, and safeguard user assets. The CSA has previously taken action against unregistered or non-compliant platforms, including banning several and imposing administrative penalties. The TradeOgre case adds to the growing list of enforcement actions and underscores the importance of regulatory compliance in the evolving crypto landscape.