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Dogecoin, Elon Musk's favorite cryptocurrency, is currently used in many illegal acts. The value and popularity of tokens has increased significantly in recent months.
Blockchain analytics firm Elliptic claims to have uncovered evidence that the popular meme coin is being used by criminals to pay for illegal activities worth millions of dollars.
Dogecoin is used in criminal activities.
According to Elliptic's analysis, Dogecoin is increasingly involved in many illegal acts such as terrorist financing, Ponzi schemes, and even material of child sexual abuse and abuse.
About 50 well-known criminals have been facilitated by Dogecoin. In the measure, it is worth noting that the Plus Token Ponzi scheme resulted in Chinese police confiscating MORE THAN $20 million worth of DOGE and the alleged theft of $119 million worth of Dogecoin in connection with turkey's Ponzi scheme in 2021.
Israel's National Anti-Terrorist Financing Bureau has issued orders to seize a number of suspicious crypto addresses under the control of hamas or used for terrorism-related activity by 2021. Research indicates that, among cryptocurrency addresses, there are wallets containing $40,235 DOGE.
Besides, the darknet – the currency is accepted in some markets such as Just-Kill, verifying stolen credit cards. Archetype, meanwhile, focuses on the sale of illegal drugs. This has facilitated the illegal trade and theft of goods on the rise.
Cryptocurrencies are exploited by extremists and hackers
Elliptic reports that extremist organizations have exploited Dogecoin. They turned to cryptocurrencies when banned from mainstream financial sources.
Many far-right organizations that have used Dogecoin to donate, including the infowars website, have so far raised more than $1700 in Dogecoin.
According to experts, the coin is also being used to spread malware such as Cliptomaner. The software stole a number of crypto assets, including DOGE, and it received $29,000.
Dogecoin, widely backed by Musk in recent months, is now the 10th largest cryptocurrency in terms of market valuation, surpassing $8 billion. On June 19, the world's richest man said that he still supports and buys back popular memes.
Meanwhile, even if Dogecoin is being used for illegal activities, the reported amount is negligible when compared to its entire value. Although this number has fallen, it still reaches a high when in excess of $8,353,034,906.
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