Canada’s TradeOgre seizure slammed as ‘theft from many innocent users’
Canadian police have seized $40 million in crypto from TradeOgre, which the exchange’s supporters have criticized as heavy-handed.
Users and supporters of the crypto platform TradeOgre have slammed the Royal Canadian Mounted Police’s seizure of the website and its crypto, accusing the agency of taking funds from innocent users because of the actions of a few.
The RCMP said on Thursday that it carried out “the largest cryptocurrency seizure in Canadian history,” taking over 56 million Canadian dollars ($40.6 million) from TradeOgre, a centralized crypto exchange known for having no Know Your Customer (KYC) checks.
The agency claimed TradeOgre failed to register with Canada’s financial intelligence agency and that it was used for criminal money laundering.