The Royal Canadian Cavalry Police (RCMP) has performed the country’s largest cryptocurrency attack to date, recovering more than $56 million in CAD from Exchange Tradeogre with CAD.
The move is not only a record seizure, but also the first time Canadian police authorities have demolished their cryptocurrency trading platform, RCMP said in a press release.
According to the authorities’ Eastern Regional Division, the attack followed a one-year investigation by the Money Laundering Investigation Team (MLIT). The incident began in June 2024, following hints from Epolor, claiming it was allegedly violating the platform’s Canadian law.
Investigators have determined that Tradeogre was unable to register as a money service business with the Financial Transactions and Reporting Analysis Centre (FINTRAC) as a money service business, authorities alleged that they failed to verify the identity of their clients.
The RCMP alleges that most of the funds passed through merchants came from illegal sources. By providing anonymous account creation, the platform has provided a simple gateway for organized crime groups trying to hide the origins of money, they claim.
“Transaction data obtained from the platform may be analyzed and fees may continue. The investigation is ongoing,” RCMP wrote in a press release.
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