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Dogecoin used more for illegal activities!

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In a report published by Elliptic, we learn that Dogecoin is popular with scammers. Money laundering, terrorist financing, the token meme seems to be becoming more common with illegal activities!

Dogecoin: Has the signal meme found other “markets”?

This is probably the announcement that Dogecoin aficionados would have done well without. In a mid-week report, Elliptical experts have highlighted the increasing use of the signal meme to fund illegal activities. Money laundering, terrorist financing and even minor sexual abuse are sometimes funded by Dogecoin.

Far from overtaking Monero or even Bitcoin in the hearts of scammersso the Dogecoin seems to be making a name for itself on these illegal activities.

The darknet fan of Dogecoin!

The report highlights the fact that Some darknet players now accept Dogecoin. So this payment method is often found on platforms linked to illegal activities. Digital asset assets also seem to have been liked by some extremist groups. And Dogecoin is now one of the best tools for raising money. This is especially true of the site of Infowars, an extremist right – wing medium that fights globalization and has managed to raise over $ 1,700 in Dogecoin.

In July 2021, it was made by the Israeli National Bureau fight against terrorist financing issued a seizure order against 84 suspected cryptocurrency addresses belonging to the Hamas group. One of those wallets was $ 40,235 worth of Dogecoin.

But in these activities, the amounts are still very low and incomparable to the amounts seized on Ponzi schemes. In fact, as the report shows, more than 50 pyramid schemes were directly related to Dogecoin. This was especially true during an alleged $ 119 million theft in Dogecoin last year on Turkish Ponzi. The previous year, the Chinese government had already seized more than $ 20 million in DOGE, following the dismantling of the PlusToken pyramid.

Encryption and crime

For the year 2021, much has been made of the overall figures. In 12 months, The total value of crypto scams to account for $ 14 billion in transactions has increased. Pharaonic figures, but too rarely given in the context of the explosion in the number of transactions in digital assets.

As if it looks counter-intuitive, the year 2021 was the year with the highest number of scams in total value, but the lowest in relative value, ie say compared to the total number of transactions made in crypto. Basically, The number of transactions increased by 576% in 2021 when the amount of scam increased by only 76%. Thus, just under 0.15% of crypto transactions in 2021 were fraudulent. Historically low figure.

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