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Darknet Use of Dogecoin on the Rise

Wed, 06/22/2022 - 18:59
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Alex Dovbnya
A new report published by cryptocurrency sleuth Elliptic sheds light on the darker side of Dogecoin
Darknet Use of Dogecoin on the Rise
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According to a recent report published by cryptocurrency sleuth Elliptic, Dogecoin, the largest meme cryptocurrency, 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.

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.

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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.

As reported by U.Today, Tesla CEO Elon Musk, the most prominent supporter of Dogecoin, said that he would keep supporting the meme cryptocurrency.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.