Dogecoin, Elon Musk’s favorite cryptocurrency, is now being used in more illegal acts, according to a new analysis. The value and popularity of the token has increased significantly in recent months.

The author of the research, Blockchain analytics firm Elliptic, claimed to have uncovered evidence that the famous coin was being used by criminals to pay for millions of dollars in illicit activity.

Dogecoin, which was founded as a “joke,” is increasingly linked to illegal behavior, such as terrorist financing, Ponzi schemes, and even the most disturbing child sexual abuse material, according to an analysis of Elliptic.

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Dogecoin used in high profile crimes

Around 50 high-profile crimes have been assisted by Dogecoin. Notable crimes include the Plus Token Ponzi scheme, which resulted in the confiscation of over $20 million of DOGE by Chinese police, and the alleged theft of $119 million of Dogecoin as part of a Turkish Ponzi scheme. Last year.

 Elon Musk said Sunday he still supports and acquires the popular meme coin. Image: Indian Express.

Israel’s National Counter-Terrorist Financing Bureau has issued a seizure order against a number of crypto-asset addresses suspected of being under the control of the terrorist organization Hamas or otherwise used for terrorism-related activities Last year.

According to the study, among the crypto addresses were wallets containing $40,235 in DOGE.

As for the darknet, the coin is accepted on a number of marketplaces, such as Just-Kill, which verifies stolen credit cards, Archetype, which focuses on the sale of illegal drugs, and others that facilitate the illicit buying and selling of stolen and firearms. goods.

Crypto of choice by extremists and hackers

Elliptic reported that far-right organizations had mined Dogecoin, turning to cryptocurrencies when banned by mainstream financial sources.

Many far-right organizations have used Dogecoin to collect donations, including the far-right Infowars website, which has raised over $1,700 in Dogecoin to date.

DOGE total market cap at $8.85 billion on the weekend chart | Source: TradingView.com

According to experts, the coin is also used to distribute malware such as Cliptomaner, which sabotages computers to mine cryptocurrencies indiscriminately. The software steals several crypto assets, including DOGE, which received $29,000.

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Dogecoin, which has been widely supported by Musk in recent months, is currently the 10th largest cryptocurrency by market valuation, surpassing $8 billion. The world’s richest man said on Sunday that he still supports and acquires the popular coin.

Meanwhile, even though the dog-themed cryptocurrency is being used for illegal operations, the reported amounts are negligible compared to its total value which, despite the drop, exceeds $8,353,034,906, according to data from CoinMarketCap.

Featured image from Radware Blog, chart from TradingView.com



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