Canadian Police seize $40M in TradeOgre Crypto Raid
TL;DR Breakdown
- RCMP seizes CAD $56M from TradeOgre, including BTC, ETH, XRP.
- Probe found it unregistered, with no user checks and links to illicit funds.
- Crypto thefts already topped $2B in 2025, raising compliance concerns.
The Royal Canadian Mounted Police (RCMP) carried out the country’s largest crypto seizure to date. The authority confiscated around CAD $56 million (approx $40 million) from the platform TradeOgre. The operation was reportedly led by the RCMP’s Money Laundering Investigative Team (MLIT).
This action marks the first time that Canadian authorities have dismantled a crypto exchange. Its neighbouring country, the US, has already led a regulatory crackdown on some of the biggest crypto exchanges. However, Donald Trump’s arrival in the White House turned the momentum in favour of digital assets.
RCMP Confirms TradeOgre Takedown
As per the announcement, MILT began an investigation in 2024 after it received a tip from Europol. It revealed that TradeOgre failed to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money services business. The exchange didn’t even verify the identities of its users.
The authorities hold a reason to believe that the majority of funds transacted on TradeOgre came from criminal sources. The main attraction of this type of platform is that it doesn’t require users to identify themselves to make an account. This allows them to hide the source of funds. It is a common tactic used by criminal organisations that launder money.
A report mentioned that the TradeOgre’s X account has been inactive since May 2025. Meanwhile, the website has been down since 30th July. It prompts months of speculation among users about a possible exit scam.
Some social media users have also noted unusual activity and Bitcoin-encoded messages which suggests that the police are getting involved in the case. However, the RCMP has now confirmed that seized assets include Bitcoin, Ethereum, XRP, Litecoin, Tron, and Qubic. The authority mentioned that the platform’s transaction data is currently being analysed, and further charges may follow.
Rising Market, Rising Hacks in 2025
The TradeOgre seizure comes amid a surge in crypto thefts in 2025. According to Chainalysis, $2.17 billion in crypto was stolen during the first half of 2025. This has already surpassed the $1.87 billion stolen in all of 2024. The firm expects this year’s losses might reach $4 billion. 2025 has already seen the largest theft linked to Bybit. North Korea–linked hackers made off with $1.5 billion in a cyberattack.
These thefts highlight the massive need for regulatory compliance in crypto markets. Since Trump’s White House takeover crypto market has seen a blazing surge, where even Wall Street investors are pouring in money. The total digital assets market cap breached the $4 trillion mark. As the market grows, such events statistically increase as more not more unawared investors jump into the market. This opens up a gate for hackers to loot amid the bullish rallies.
