On June 22, Elliptic Connect, a blockchain analytics provider specializing in cryptocurrency-based financial crime prevention, published an investigation showing that Dogecoin (DOGE), Elon Musk’s favorite cryptocurrency, is being used by criminals to commit illicit acts.
According to Elliptic, Dogecoin is being used to finance frauds, scams, Ponzi schemes, and other more serious crimes like terrorism and child sexual abuse material.
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
Criminals Use DOGE Instead of BTC and ETH
Per Elliptic’s report, criminals have moved millions of dollars in DOGE through thefts, scams, and Ponzi schemes. These include Plus Token, in which $20 million in DOGE were seized, and another alleged $119 million DOGE theft in China connected to a Turkish Ponzi...
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