Analysts report constant use of Dogecoin cryptocurrency by fraudsters and terrorists

Experts from the analytical company Elliptic have identified transactions with the Dogecoin cryptocurrency related to illegal activities. The vast majority of these transactions are related to fraud and Ponzi schemes. Some are related to terrorist financing and child pornography (CSAM) trade on the darknet. The total amount of losses is estimated at millions of dollars.

Last year, the Turkish authorities launched an investigation into a scheme whose organizers fled with 350 million DOGE. At that time, these assets were estimated at $ 119 million. In addition, the well-known PlusToken pyramid scheme attracted 11 billion DOGE, some of which were later confiscated by Chinese law enforcement.

Elliptic also identified several far-right organizations that used Dogecoin to raise funds. In 2021, the Israeli authorities seized crypto wallets controlled by the Hamas group (recognized as a terrorist organization in some countries). As law enforcement officers found out, Hamas received donations in Dogecoin.