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From Ponzi Schemes To Child Abuse: Elliptic Reveals How Criminals Use Dogecoin

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On June 22, Elliptic Connect, a blockchain analytics provider specializing in crypto-based financial crime prevention, published an investigation showing that Dogecoin (DOGE), Elon Musk’s favorite cryptocurrency, is being used by criminals to commit illegal activities.

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According to Elliptic, Dogecoinis is used to fund scams, scams, Ponzi schemes, and other more serious crimes such as terrorism and child sexual abuse material.

Criminals use DOGE as an alternative to BTC and ETH

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Elliptical report, criminals moved millions of dollars into DOGE through theft, fraud and Ponzi schemes. These include the Plus Token, which resulted in $20 million in DOGE being confiscated, and another alleged $119 million DOGE theft in China linked to a Turkish Ponzi scheme.

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However, despite the fact that millions of dollars are being transferred to Dogecoin, most of the illegal activities are not as serious as financing terrorism or buying child sexual abuse material, although they also exist.

For example, for terrorist financing, the estimated value transferred using DOGE is just over $40,000, while for child sexual abuse material, the total is less than $3,000. This shows that criminals are using Dogecoin to evade authorities who have focused on other, more well-known cryptocurrencies such as Bitcoin, Ethereum or Monero.


On the dark web, Dogecoini is accepted on several marketplaces, such as Archetype, which focuses on selling drugs, Just-Kill, which is used as a means of verifying stolen credit cards, and others that promote the illegal purchase and sale of weapons and stolen goods.

Elliptic also reported an increase in the use of malware or computer viruses to steal Dogecoin from users’ wallets. However, he noted that the destination for these funds received almost $29,000, which is the minimum figure given the millions of dollars in cryptocurrencies that were stolen using similar tools.

Dogecoin is no longer considered a meme coin

A curious fact is that, according to Elliptic, Dogecoin is no longer seen as a meme-currency thanks to an advertisement that Elon Musk ran through his social media accounts, recalling that a few days ago, the electric car billionaire doubled down again. his support for DOGE at the World Economic Forum.

And yet, even if Dogecoin is indeed being used for illicit activities, the reported numbers are extremely low when you consider its total value, which, despite the fall, is over $8,353,034,906. CoinMarketCap.

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