Simply put
- Tradeogre, a cryptocurrency exchange, has been non-operational for the past few months.
- According to Canadian police, they have shut down the exchange and confiscated $56 million CAD (around $40.5 million USD) from it.
- The Royal Canadian Mounted Police (RCMP) described this incident as the largest code attack in the nation.
The Royal Canadian Police (RCMP) announced that they seized $56 million (US$40.5 million) in digital assets during the shutdown of the exchange, which was part of the biggest crypto attack in Canada.
With tips from European authorities, the RCMP disabled the exchange, citing non-compliance with anti-money laundering regulations.
Users will not be able to access Tradeogre’s website anymore; it now displays a notice about the seizure by Canadian law enforcement.
According to the RCMP, during the operation, various cryptocurrencies such as Bitcoin, Ethereum, XRP, Litecoin, Tron, and Qubic were seized.
“Investigators believe that a significant portion of the funds circulating through the exchange was linked to criminal activities,” the RCMP commented.
They added, “What makes these platforms appealing is that they allow users to operate without revealing their identities, which helps conceal the origins of their funds. This is a tactic often employed by criminal groups to launder money.”
The investigation is still active, and transaction data from the platform will be scrutinized, with fees possibly forthcoming.
On Reddit, some users speculated about the exchange ceasing operations two months ago.
One person asked, “What’s up with Tradeogre? I had about 25k USDT on there, and now it’s quiet—offline for a full day. Is this an exit scam? Any updates?”
Tradeogre did not respond to inquiries from Decrypt.
Arkham Intelligence, a blockchain data firm, mentioned in a blog that it was tracking Tradeogre transactions as millions of dollars in crypto exited the platform.
The exchange previously promoted trading with Privacy Coins, where transaction data is obscured to facilitate anonymous financial movements.
In recent days, Bitcoin has seen a rise of 1.8% within 24 hours, trading at approximately $116,670, which is nearly 3% higher than the previous week.
