DOGE worth millions is reportedly related to illicit activities such as funding Terrorism according to a new study by blockchain analytics company Elliptic so let’s read mroe today about it in our Dogecoin news.
Dogecoin is connected to illicit activity including Ponzi schemes, child sex abuse material, financing of terrorism, and more according to reports by Elliptic. The meme coin enjoyed the growing popularity as a method of payment but aside from the legitimate causes, it caught the attention of bad actors with DOGE worth millions being related to illicit activity:
“While the vast majority of this activity consists of fraud, scams and ponzi schemes, it also includes the most serious types of crime, including terrorism financing and vendors of child sexual abuse material (CSAM).”
Elliptic has identified millions of dollars worth of Dogecoin transactions connected to illicit activity including terrorism financing and vendors of child sexual abuse material (CSAM). https://t.co/a4x5pD1nuC#doge
— Elliptic (@elliptic) June 21, 2022
Pointing to the increasing adoption of DOGE for Terrorism financing,t eh report cited a July 2021 seizure order that is conducted by Israel’s National Burau for Counter Terror Financing against addresses that were believed to be related to the militant group Hamas or used on other terrorism-related activity. The report flagged up a smaller but growing number of CSAM vendors that operate on the darknet and which recieved payments in DOGE. The actual amount of Dogecoin identified by Elliptic in the case Is less than $3000 but analysts warn that it points to the appetite for criminals to adopt a wide range of crypto assets.
According to the company, to date, it identified more than 50 instances of thefts, fraud, and Ponzi schemes that helped criminals make millions of dollars worth of DOGE. These include the $6 billion Plustoken Ponzi scheme that resulted in the seizure of 420 million DOGE by Chinese authorities and the theft of $119 million worth of DOGE related to a Turkish scam in 2021. The far-right extremists have also turned to crypto including DOGE. One website claims that it is battling globalism and promoting a pro-human future across the world and raised up to $1700 in DOGE.
Ellitpics’s findings mirror the ones of the Financial Action Task Force which reported that these far-right groups are turning to crypto and other privacy-focused coins. DOGE has been promoted by Tesla’s CEO Elon Musk and it is now the 10th biggest crypto with a market cap of $8 billion.
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