Elliptic spoke about the use of Dogecoin by scammers and criminals

Elliptic spoke about the use of Dogecoin by scammers and criminals

Elliptic told about use of Dogecoin by scammers and criminals

Elliptic specialists discovered millions of dollars worth of transactions related to illegal activities with Dogecoin meme-cryptocurrency. This was reported by the analytical company ForkLog.

Researchers said that the vast majority of «illegal» Dogecoin transactions are associated with scams, scams and Ponzi schemes. However, the coin is also used to finance terrorism, trade on the dark web and in the distribution of child pornography (CSAM).

Elliptic talks about the use of Dogecoin by scammers and criminals

Data: Elliptic.

At the time of writing, the company had discovered more than 50 different thefts, pyramid schemes and other types of fraud, as a result of which the attackers received Dogecoin worth hundreds of millions of dollars. DOGE. At that time, the assets were estimated at $119 million. In addition, the well-known financial pyramid PlusToken attracted 11 billion DOGE, some of which were later confiscated by Chinese law enforcement officers.

The experts emphasized that the share of payments related to illegal activities in Dogecoin is insignificant compared to other cryptocurrencies. For example, researchers have identified CSAM-related transactions in mem tokens worth less than $3,000.

Specialists have discovered several malicious campaigns associated with the theft of Dogecoin.

Cliptomaner software for stealth cryptocurrency mining on infected devices also gains access to the clipboard, replacing the addresses copied into it with those controlled by attackers. The Dogecoin address associated with Cliptomaner has already received almost $29,000 worth of transactions.

Elliptic has also identified several far-right organizations that have used Dogecoin to raise funds.

In 2021, Israeli authorities issued an arrest warrant crypto wallets allegedly controlled by the Hamas militant group (in some countries it is recognized as a terrorist organization). According to law enforcement officials, Hamas received donations, including in Dogecoin.

Recall that Dogecoin’s popularity has grown largely due to Elon Musk’s support for the cryptocurrency.

At the time of writing, the coin ranks 11th in terms of market capitalization among other cryptocurrencies, according to Coingecko.

In June, a US resident accused SpaceX and Tesla, as well as their head, of promoting the “cryptocurrency pyramid” Dogecoin. He demanded $258 billion in damages and compensation.

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