A new report published by cryptocurrency sleuth Elliptic sheds light on the darker side of Dogecoin
According to a report published by cryptocurrency sleuth Elliptic, Dogecoin has been gaining traction on the dark web. The London-based firm has detected “millions of dollars” worth of Dogecoin transactions linked to illegal activities.
Darknet use of Dogecoin on the rise
Elliptic has found out that cryptocurrency is widely accepted on some popular darknet marketplaces that offer drugs and stolen data. Criminals started using Dogecoin shortly after its inception in 2013. In 2014, there was a Silk Road knock-off called “Doge Road.” The owner of the now-defunct marketplace ran away with other people’s money shortly after its creation.
The Bitcoin parody became more popular with nefarious actors in 2021 due to its rapidly growing popularity.
The bull run created fertile ground for countless scams and Ponzi scams that revolve around the meme cryptocurrency. Last August, Turkish prosecutors started investigating a Dogecoin mining scheme that allegedly defrauded investors of a whopping $119 million.
The report says that Dogecoin has been utilized in various malware campaigns over the past few years. Finally, far-right extremists such as Alex Jones’s InfoWars are accepting donations in the meme coin.
Dogecoin’s price is down a staggering 91.39% from its all-time high, but it remains among the world’s 10 biggest cryptocurrencies. Tesla CEO Elon Musk, the most prominent supporter of Dogecoin, said that he would keep supporting the meme cryptocurrency.
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