The Royal Canadian Mounted Police (RCMP) has seized $56 million worth of cryptocurrencies from an online platform that was helping criminals to launder money.
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The Mounties said that the crypto seizure is the largest in Canadian history. The federal police force said the cryptocurrency was taken from online exchange TradeOgre, which was used by numerous criminal organizations to launder money from around the world.
The RCMP added that this is the first time a Canadian police force has dismantled a cryptocurrency exchange that was operating within the country. According to the police, TradeOgre didn’t require users to identify themselves and hid the source of its funds.
Criminal Enterprises
It is not clear what type of crypto was seized, although reports say it included Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). While the TradeOgre exchange has been shut down, no arrests have been made in the case.
The RCMP said that their investigation into the crypto exchange remains ongoing and that charges may result from a deeper examination of the site’s transactions and data. The Mounties said they began investigating TradeOgre in June 2024 following a tip from Europol, a European law enforcement agency.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of BTC has risen 10.38% in the last 12 weeks.
