Dogecoin Has Been Used by Criminals and Terrorists, According to Study

Dogecoin: Terrorists and various criminal individuals and organizations are using Dogecoin (DOGE), according to a new study by Elliptic.

According to a new report by the blockchain analysis firm, the meme coin has been increasingly adopted around the world as a means of payment. Unfortunately, it has also been used in various illicit activities.

Elliptic notes, “While the vast majority of this activity consists of fraud, scams and Ponzi schemes, it also includes the most serious types of crime, including terrorist financing and purveyors of child sexual abuse (CSAM) material.”

Dogecoin being used in varied crimes

The study highlights that the main way Dogecoin has been used in crime is related to scams, pyramid schemes and financial fraud. Elliptic claims to have identified more than 50 such cases, with “hundreds of millions of dollars” being stolen and embezzled around the world.

For example, the Chinese government seized more than $20 million in DOGE from PlusToken, a fraudulent scheme that moved $6 billion in cryptocurrencies. Additionally, $120 million was linked to a Ponzi scheme operating in Turkey in 2021. 

Terrorists and DOGE

Terrorists are also increasingly adept at Dogecoin. Despite the financial transactions being much smaller, an “increasing adoption” of the use of cryptocurrency to finance these activities was observed. In July of last year, an Israeli government office identified several crypto addresses linked to Hamas, some containing more than $40,000 in DOGE.

Elliptic also points to a “small and growing number” of child pornography providers that accept cryptocurrency as a form of payment. While the amount received in the asset is around $3,000, this has generated yet another red flag about the use of the token.

Finally, DOGE has been joined by other extremist websites and groups. When boycotted or unable to be financed by traditional means of payment, they turn to the use of cryptocurrencies, with the memecoin being one of the most sought after. 

dogecoin

Dogecoin falls again

DOGE even managed to make good price jumps in recent days. This came after Elon Musk said he had bought more of the asset during the downturns and would continue to support the project.

However, the price of DOGE fell again this Wednesday, following the general fall of the crypto market. At the close of the day, DOGE had accumulated a 7.8% devaluation in the last 24 hours, trading at $0.06, according to CoinGecko.

Got something to say about Dogecoin being the crim’s choice, or anything else? Write to us or join the discussion in our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.

The post Dogecoin Has Been Used by Criminals and Terrorists, According to Study appeared first on BeInCrypto.

Earning Passive Income With Crypto

Related Posts

400+ Crypto Advertisements Violate Guidelines in India — ‘Some Influencers Talk About Crypto Without Understanding It’

The Advertising Standards Council of India (ASCI) has reportedly revealed that more than 400 crypto ads violated its guidelines so far this year. The majority of complaints…

Investment: How To Calculate The Attractiveness of a Cryptocurrency

Investment: Asset manager, financier, and cryptocurrency teacher Alexander Alexandrovich Ryabinin says the investment attractiveness of digital assets can be determined by analyzing inflationary and deflationary processes. The…

Rich Dad Poor Dad’s Robert Kiyosaki Says He’s Waiting for Bitcoin to Test $1,100 to Buy More

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says he’s waiting for the price of bitcoin to test $1,100. He added that…

This is the Future of the Liquid Staking, Based on the Past

Staking and the future: The liquid staking industry is at a turning point, says Simon Furlong, the Co-Founder of Geode Finance. The various opportunities across DeFi and cryptocurrency…

Book by Nigerian Author Reminds New Adopters Why Bitcoin Was Created

Nigerian author and crypto advocate Nathaniel Luz has said his recently published book represents his attempt to remind people of the initial reason why bitcoin was created….

Voyager Digital Issued Notice of 3AC’s Loan Default; Here’s What Might Be Next

Crypto hedge fund Three Arrows Capital (3AC) has defaulted on an estimated loan of $670 million, as per the market update by Voyager Digital. In a release dated June…