The Royal Canadian Mounted Police has closed the Tradogre Cryptocurrency Exchange and seized more than $ 40 million arising out of criminal activities.
This is the first time a crypto exchange has been closed by Canadian law enforcement, and it also marks the largest property seizure in the history of the country.
Tradogre was a small exchange platform focused on user privacy and dealt with Ala Altcoin, as well as hard-to-trace monro cryptocurrency.
It was known to allow users not to identify their customers (KYC) policies and did not follow Canadian laws and rules.
Illegal crypto platform
Canadian officials, especially the Money Laundering Investigative Team (MLIT) began to examine Tradogra’s activity in June 2024 following a tip from Europeol.
In late July, The platform went offline With no message from your operators, one suspicion increased Exit scam In some users.
However, the law enforcement agency confirmed the Bleepingcomputer that it shut down the website at that time as part of that action.
Royal Canadian Mounted Police (RCMP) Said The platform was working illegally because “it failed to register with Canada (FINTRAC) with the Financial Transaction and Report analysis Center and did not identify its customers as a money services business.”
Because it did not ask users to identify when creating an account, investigators believe that Tradogre was used to rob money by cyber criminal.
Some customers in the platform reacted saying that not all of them were criminals, such as Metamaska Taylor monahanWho admitted that he and his friends were using Tradogre.
Monahan said, “You are very keen to see the evidence, and for you all those innocent parties that you have stolen money without notice and without any procedure.”
In a statement by Bleepingcomputer, RCMP stated that it could “not confirm that all the seized cryptocurrencies originated from illegal transactions.”
“We are not in a position to comment on whether specific types of criminal activity, such as forced recovery payments, were transacted through platforms, nor can we provide details about criminal sources that can use it for money laundering” – Royal Canadian Mounted Police
Nevertheless, Bleepingcomputer was told that the platform was used to allegedly exchanged cybercrime income due to its oblivion and mono support.
The RCMP said that non-criminal customers of Tradogre may have “resorted through the Canadian court system if the RCMP decides to pursue the forced of cryptocurrency in the question.”
Any question about the seized assets should be directed to the National Police of RCMP’s Money Laundering Investigative Team, Canada’s National Police Said on social media,
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