Dogecoin Worth Millions Linked To Illicit Activity Including Terrorism: Elliptic
Dogecoin is increasingly connected to illicit activity including Ponzi schemes, the financing of terrorism and child sex abuse material (CSAM), according to a new report by blockchain analytics firm Elliptic. The "most notable" crime relating to Dogecoin, according to Elliptic, is thefts, scams and Ponzi schemes.
According to the firm, to date it has identified more than 50 instances of thefts, frauds and Ponzi schemes which helped criminals to make “hundreds of millions of dollars worth of Dogecoin.”These include the $6 billion PlusToken Ponzi scheme, which resulted in the seizure of more than $20 million worth of DOGE by Chinese authorities in 2020, and an alleged theft of $119 million worth of Dogecoin linked to a Turkish Ponzi scheme in 2021.
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