The Royal Canadian horse police (RCMP) announced the largest confiscation of cryptocurrencies in the history of Canada. It is about taking over over 56 million Canadian dollars (about USD 40 million) from the Tradeogre platform.
A record confiscation of cryptocurrencies in Canada!
RCMP took over cryptocurrencies worth USD 40 million. The operation was carried out by investigators specializing in financial crimes and cybercrime. From a press release, you can find out that they have dealt with the service since June 2024. After the information received from Europol, the investigative team for money laundering (mlip) to examine the platform’s activities.
The authorities have discovered that Tradeogre violated Canadian financial law, in particular due to the lack of registration at the Center for Transaction and Financial Reporting Analysis of Canada (FinTrac) and neglect on the verification of customer identity.
Investigators believe that most of the funds flowing through the platform were associated with criminal activities. Transaction data of the stock exchanges will now be further analyzed. Investigators stated that charges may be charged during the investigation.
Theft?
However, the case caused controversy in the cryptocurrency environment, because many users expressed indignation and concern about the fate of their legal means, which were on the stock exchange. After all, punishing all the company’s clients just because the stock exchange did not enforce the KYC (Know Your Customer) procedures, is almost synonymous with the theft of cryptocurrencies innocent people!
Influencer CaptainCrypto described this movement of services as “crazy” and emphasized that users who have not committed any offenses are now exposed to the loss of their assets. He argued that such mass confiscats undermine trust in the financial system and described them as “ordinary theft”, calling on a wider cryptocurrency community to unite against what he considers to be an abuse of law enforcement rights.
However, this case shows once again that cryptocurrency should not be stored on centralized stock exchanges. Worts (paper or hardware) should be used for this.
Earlier, the Canadian market became famous for the fall of Quadriga CX, a stock exchange that the owner died and took information to the grave about where he stored private keys. In addition, the country got loud when the government blocked access to funds to the participants of the Freedom convoy who protested against the Covid’s restrictions.
