365Crypto
RCMP’s Record Seizure
The Royal Canadian Mounted Police (RCMP) seized over $40 million in crypto from TradeOgre. It’s being called the largest crypto seizure in Canada’s history. The exchange, popular for avoiding strict ID checks, had been offline for months.
Why TradeOgre Was Targeted
The RCMP said TradeOgre never registered with FINTRAC, Canada’s financial watchdog. Officials claim criminals used the platform to launder money. A Europol tip reportedly triggered the investigation. The takedown marks the first time Canada shut down a crypto exchange.
Privacy vs. Policing
TradeOgre fans argue that using a no-KYC exchange isn’t a crime. Many say the RCMP took funds from regular users. “That’s theft from innocent people,” said Firo co-founder Reuben Yap. Critics compared it to past seizures, warning that proving ownership in court is a nightmare.
What Happens to Users’ Funds?
Users may be able to claim their assets, but the process could be long, costly, and stacked with red tape. Yap warned that strict deadlines and heavy documentation will make recovery difficult. Even if successful, assets will likely be valued at seizure prices, not future gains.
