JAKARTA – Not long ago, blockchain analytics firm Elliptic Connect revealed the results of its monitoring of the first meme coin, Dogecoin (DOGE). According to the report, DOGE is becoming an alternative to BTC and ETH as cryptocurrencies used by criminals.
For information, Elliptic Connect specializes in preventing crypto-based financial crimes. The firm found that DOGE was used for illegal activity transactions, based on the CryptoPotato report.
On June 22, Elliptic Connect, a blockchain analytics provider that specializes in preventing cryptocurrency-based financial crimes, published an investigation showing that Dogecoin (DOGE), Elon Musk's favorite cryptocurrency, was used by criminals to carry out illicit acts.
Elliptic reports that criminals have moved millions of dollars in DOGE through theft, fraud, and Ponzi schemes. These include Token Plus, for which US$20 million in DOGE was confiscated, and another alleged theft of US$119 million DOGE in China connected to a Turkish Ponzi scheme.
The criminals allegedly chose DOGE to evade authorities focused on overseeing other cryptocurrencies such as Monero (XMR), Bitcoin (BTC), and Ethereum (ETH).
In addition, criminals also use DOGE for transactions on the dark web. A number of marketplaces such as Archetype, which focuses on selling illegal drugs, have reportedly started accepting DOGE. In addition, the marketplace that focuses on selling weapons and illegal stolen goods Just-Kill has also started accepting DOGE.
According to Elliptic's findings, criminals also take advantage of malware and various other computer viruses to steal Dogecoin from users' crypto wallets. They are said to have earned $29,000 in the stolen meme coins.
Elliptic also stated that the meme coin Dogecoin is no longer considered a meme cryptocurrency anymore due to the inclusion of famous figures such as Elon Musk, Mark Cuban, Snoop Dogg, as DOGE supporters.
In 2017, the Department of Justice (DOJ) revealed that a number of cryptocurrencies used as transaction tools on the largest marketplace on the dark web AlphaBay are Bitcoin, Ethereum, and Monero.
In recent years, all three cryptocurrencies have been under scrutiny by the authorities. Therefore, it is not surprising that criminals choose another cryptocurrency, which many consider a joke, namely Dogecoin.
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