From Ponzi Schemes To Child Abuse: Elliptic Reveals How Criminals Use Dogecoin

On June 22, Elliptic Connect, a blockchain analytics provider specializing in cryptocurrency-based financial crime prevention, published an investigation showing that Dogecoin (DOGE), Elon Musk’s favorite cryptocurrency, is being used by criminals to commit illicit acts.

According to Elliptic, Dogecoinis being used to finance frauds, scams, Ponzi schemes, and other more serious crimes like terrorism and child sexual abuse material.

Criminals Use DOGE As An Alternative To BTC And ETH

Per Elliptic’s report, criminals have moved millions of dollars in DOGE through thefts, scams, and Ponzi schemes. These include Plus Tokenin which $ 20 million in DOGE were seized, and another alleged $ 119 million DOGE theft in China connected to a Turkish Ponzi scheme.

However, although millions of dollars are being moved into Dogecoin, most of the illicit activities are not as severe as terrorist financing or the purchase of child sexual abuse material — even though these also exist.

For example, for terrorism financing, the estimated value moved with DOGE amounts to just over $ 40,000, while for child sexual abuse material, the total is less than $ 3,000. This shows that criminals are using Dogecoin to evade authorities who have focused on other more established cryptocurrencies like BitcoinEthereum, or Monero.

As for the darknet, Dogecoinis accepted in several marketplaces, such as Archetype, focused on drug sales, Just-Kill, used as a verifier for stolen credit cards, and others that promote illegal buying and selling of weapons and stolen goods.

Elliptic also reported an increase in the use of malware or computer viruses to steal Dogecoin from users’ wallets. However, it noted that the destination address for these funds has received almost $ 29,000, a minimal figure considering the millions of dollars in cryptocurrencies that have been stolen with similar tools.

Dogecoin Is No Longer Considered a Meme Coin

A curious fact is that, according to Elliptic, Dogecoin is no longer viewed as a meme currency thanks to the promotion that Elon Musk has made through his social media accounts, recalling that a few days ago, the electric car billionaire once again doubled down on his support for DOGE in the World Economic Forum.

And yet, even if indeed Dogecoin is being used for illicit activities, the reported figures are extremely small when taking into account its total value which despite the drop, amounts to more than $ 8,353,034,906 according to CoinMarketCap.

Binance Free $ 100 (Exclusive): Use this link to register and receive $ 100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $ 7,000 on your deposits.

Original Article reposted fromSource link

Disclaimer: The website autopost contents from credible news sources and we are not the original creators. If we Have added some content that belongs to you or your organization by mistake, We are sorry for that. We apologize for that and assure you that this won’t be repeated in future. If you are the rightful owner of the content used in our Website, please mail us with your Name, Organization Name, Contact Details, Copyright infringing URL and Copyright Proof (URL or Legal Document) aT spacksdigital @

I assure you that, I will remove the infringing content Within 48 Hours.

Leave a Reply

Your email address will not be published.


Spain's Putellas out of Euros after tearing ACL

Ballon d’Or winner Alexia Putellas will not play for Spain in the Women’s European Championship after tearing a knee ligament in training on the eve of the tournament, the Spanish football federation (RFEF) said on Tuesday. “The tests carried out on the Spanish international … have confirmed that the captain of the Spanish Women’s National […]

Read More

A resident of Germany accused the actor Ezra Miller of harassment

The scandal surrounding the young performer of the role of the Flash is gaining momentum. To the already numerous accusations of Ezra Miller new ones were added. A resident of Germany accused the actor of harassment, saying that everything happened at her home. Related story The testimony of the victim leads the publication of Variety. […]

Read More

Conor McGregor calls UFC Hall of Fame "the wall of no fame" until his name is included

Conor McGregor has the UFC’s Hall of Fame on his mind, if his Twitter feed is anything to go by. The former double champion threw out a series of unusual tweets regarding the UFC Hall of Fame, which had its annual International Fight Week inductions over the week leading up to UFC 276. Added to […]

Read More