Some of the links on this site may be affiliate links. ICOBench may receive advertising commissions when users visit recommended platforms via our affiliate links, at no additional cost to you. All recommendations are based on a comprehensive review process. 
Canadian authorities have carried out a record-breaking seizure of $40 million in digital assets, marking the country’s largest-ever crypto confiscation. The funds were linked to the dismantling of TradeOgre, an unregistered crypto exchange accused of facilitating money laundering.
CANADIAN POLICE CONFIRM $40M CRYPTO SEIZURE
The Royal Canadian Mounted Police has confirmed the seizure of $56M CAD (~$40M USD) of assets from TradeOgre, a centralized exchange.
This is the largest crypto asset seizure in Canadian history. As per the RCMP’s website, Arkham was… pic.twitter.com/YvkVPh8N7e
— Arkham (@arkham) September 18, 2025
First-Ever Takedown of an Unlicensed Crypto Exchange in Canada
The investigation, launched in 2024 with support from Europol, targeted TradeOgre, a niche trading platform that offered obscure altcoin pairs and privacy-focused tokens.
Authorities found that TradeOgre had failed to register as a money services business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Registration would have required the platform to conduct Know Your Customer (KYC) checks on its users, a requirement the exchange ignored.
This failure, combined with the platform’s emphasis on anonymity, made TradeOgre a hub for users seeking to move funds without oversight.
Crypto Seizure Made Possible With Arkham Intelligence
The record seizure of $40 million in crypto was conducted with the help of Arkham Intelligence, a blockchain analytics firm. Although Canadian authorities only announced the seizure this week, TradeOgre had already gone offline months earlier.
The platform’s X account became inactive in May 2025, and its website went offline by July 30. Many users initially believed the project had “rug-pulled” its community. However, blockchain transactions signed by Canadian police confirmed that the assets had been seized.
A Suspected Money Laundering Hub
Officials believe that TradeOgre’s lack of KYC made it attractive for money laundering activities. Most of its users, investigators suspect, were drawn to the platform because it did not verify identities or ask about the source of funds.
Authorities are now analyzing the data seized from the platform to better understand the scale of illicit activity. The investigation is still ongoing.
It remains unclear what Canadian authorities will do with the seized $40 million. Legitimate users who can prove the lawful origin of their funds may eventually see restitution, but experts warn this process could take months or even years.
The case highlights the risks of using unregulated exchanges and underscores the growing push for compliance across crypto exchanges. If you are looking for a No-KYC crypto exchanges, check THIS out.
