Canadian Authorities Announce Shutdown of Cryptocurrency Exchange TradeOgre
The Royal Canadian Mounted Police (RCMP) has shut down the cryptocurrency exchange TradeOgre, seizing more than $40 million in digital assets allegedly tied to criminal activity.
A Historic First
This is the first time Canadian authorities have taken down a cryptocurrency exchange, and it represents the largest asset confiscation in the country’s history.
TradeOgre, a relatively small platform, built its reputation on privacy. It specialized in niche altcoins and the privacy-focused cryptocurrency Monero. The exchange did not enforce Know Your Customer (KYC) checks and failed to comply with Canadian financial regulations.
Investigation Timeline
Canadian authorities began investigating TradeOgre in June 2024 after receiving intelligence from Europol. By late July 2025, the platform went offline without explanation, sparking speculation that its operators had staged an exit scam—disappearing with user funds.
Law enforcement has now confirmed that authorities themselves took the exchange offline. The RCMP stated that TradeOgre operated illegally because it “did not register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a provider of financial services and did not identify its clients.”
Suspected Criminal Use
Because TradeOgre allowed accounts without identification, investigators believe the platform was widely used for money laundering. Still, not all users were engaged in criminal activity. Taylor Monahan, from MetaMask, acknowledged that she and her friends had used the exchange.
“I look forward to the evidence and you providing restitution to ALL innocent parties from whom you stole money without notice and due process,” Monahan wrote.
RCMP representatives told Bleeping Computer they could not confirm that all seized cryptocurrency was tied to illegal activity.
“We cannot comment on whether specific types of criminal activity, such as extortion, were carried out on the platform, and cannot provide details on the criminal sources that may have used the platform for money laundering,” law enforcement stated.
Still, authorities emphasized that the exchange’s anonymity and Monero support made it attractive for laundering cybercrime proceeds.
What Happens Next
Canadian officials assured that TradeOgre customers not involved in criminal activity “can seek protection from the Canadian judicial system if the RCMP pursues the forfeiture of the cryptocurrency.” The RCMP also advised that any inquiries about the seized assets should be directed to its money laundering investigation team.
