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Dogecoin, cryptocurrency of choice for criminals?

Dogecoin, cryptocurrency of choice for criminals?

Could there be blood on the smiling muzzle of the Shiba Inu who acts as a Dogecoin mascot? According to description of Elliptic Connect on June 22, this cryptocurrency would have become the main channel for transferring dirty money. Anything goes: scams, fraud, sale of child sexual abuse material, terrorism, Ponzi schemes. The total amount of this criminal cash flow amounts to several million dollars.

cryptocurrency bandit?

The darker the crime, the better it is to use Dogecoin, or so it seems. Come on, retail is where the devil lives, they say, and Dogecoin seems to prove the right adage. The Elliptic study indeed supports its claims with many documented cases. We can call it a Ponzi scheme More Signs it led to the seizure of $ 20 million by Chinese authorities. Another Ponzi scheme, this time Turkish, would be used to steal nearly 119 million. In total, more than 50 cases have been documented in relation to Ponzi schemes and similar frauds alone.

Regarding terrorist financing, the terrorist group Hamas reportedly made $ 40,235 through DOGE launches in July 2021. True, the report gives out other names like bitcoin, and Tether was cited in the report, as a bridgehead for terrorism-related transactions. On bitcoin, it’s about $ 3.3 million in transactions. On Tether, terrorists smuggled $ 4.1 million. DOGE would also be a currency of choice for people who buy or resell the cliptomaner software that is often used for hacking and stealing cryptocurrencies from a wallet. All boxes will be checked, even minor sexual abuse. The report of the investigation indeed states that DOGE was paid $ 3000 for a document relating to child sexual abuse. If, in the cryptocurrency market, DOGE, which occupies the tenth place in terms of market capitalization, is at the heart of many transactions, it is the same on the darknet, where it is used as a payment method against stolen documents and Drugs. .

Dogecoin, “badcoin”?

Should we realize that DOGE is a cryptocurrency reserved for obscure operations? Nothing could be further from the truth. Moreover, it should be remembered that criminals do not use DOGE exclusively. On the contrary, they used bitcoin and the Monero privacy cryptocurrency in greater proportions. If various criminals started using Dogecoin, it is mainly due to the growing demand for it that it is partly obliged to support its “grandfather”.

Dogecoin has the continued support of Tesla CEO Elon Musk from 2021, which has had an undeniable impact on its metric rise. One tweet from him The Elliptic study says “For retail and exchange investors, transparency about Dogecoin ownership and use is becoming increasingly important. Originally developed as a joke meme coin, Dogecoin has grown significantly in acceptance and value among large corporations, including SpaceX Elon Musk, creating an increased need to validate currencies, coin originals and counterparties. payment. »

Recently, an investor filed a lawsuit against Musk, alleging that DOGE’s price manipulated through his tweets. He claims damages on Elon Musk, a handsome sum of $ 258 billion.

This increasing use of cryptocurrencies for criminal activities contributes to the discredit on cryptocurrencies. Reuters already was published a damning report about Binance being used as a money laundering hub.

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Luc Jose Adjinacou

Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and express my pen information related to this ecosystem.

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