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Elon Musk’s Favorite DOGE Is Used for Crime, Reveals Newest Elliptic Report

Nurtured by Elon Musk, Dogecoin (DOGE) gained significant traction and transformed its initial joke reputation into a serious payment method. Unfortunately, growing...
Elon Musk’s Favorite DOGE Is Used for Crime, Reveals Newest Elliptic Report Elon Musk’s Favorite DOGE Is Used for Crime, Reveals Newest Elliptic Report

Nurtured by Elon Musk, Dogecoin (DOGE) gained significant traction and transformed its initial joke reputation into a serious payment method. Unfortunately, growing popularity means it has not escaped the notice of criminals. A recent report by Elliptic revealed DOGE was used for thefts, scams, Ponzi schemes, and even terrorism and child sexual abuse material.

New Alternative for Illicit Activity

Dogecoin has dramatically increased adoption and value amongst large businesses, including Elon Musk’s SpaceX accepting it as a payment method. Apart from legal goods and services, Dogecoin is also used for illicit activities, stated the report.

Elliptic found millions of dollars worth of Dogecoin transactions connected with criminal activities: mainly fraud, scams, and Ponzi schemes. The report revealed that Dogecoin is also used by the vendors of child sexual abuse material, and terrorist groups, even though the numbers were significantly lower than with fraud-related crimes.

To evade the authorities, criminals are starting to use alternative cryptocurrencies that are still not under such thorough surveillance as Bitcoin or Ethereum. The report underlines that this calls for attention from law enforcement to evaluate the risks beyond just the most popular crypto assets.

Usage for Terrorism and Child Abuse

In 2021, Israel seized 84 Hamas-linked Wallets and received $7.7 million in crypto assets. This included Doge addresses, which had received a total of $40,235.

Elliptic research showed that child sexual abuse material vendors on both the darknet and clearnet used Bitcoin for most transactions. However, an increasing number of vendors are starting to use altcoins, including Dogecoin. However, DOGE traffic is still low, with less than $3,000 in payments globally identified.

DOGE is increasingly used in the darknet markets as a payment method for drugs and stolen data. Just-Kill site, which provides a stolen credit card checking service, allows users to deposit funds and donate to the site using a variety of cryptocurrencies, including Dogecoin.

Archetyp drug market previously used Dogecoin along with other altcoins for swap service to allow users to deposit funds. However, the market recently has switched to only accepting Monero.

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30-06-2022 05:59:48 (UTC+7)

EUR/USD

1.0445

+0.0006 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (2)

EUR/USD

1.0445

+0.0006 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (2)

GBP/USD

1.2125

-0.0001 (-0.00%)

Summary

↑ Buy

Moving Avg:

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Buy (4)

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USD/JPY

136.55

-0.03 (-0.02%)

Summary

Sell

Moving Avg:

Buy (6)

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Buy (1)

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AUD/USD

0.6883

+0.0001 (+0.02%)

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USD/CAD

1.2887

-0.0004 (-0.03%)

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EUR/JPY

142.62

+0.04 (+0.03%)

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EUR/CHF

0.9971

0.0000 (0.00%)

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Gold Futures

1,819.75

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Silver Futures

20.733

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Neutral

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Copper Futures

3.7793

+0.0076 (+0.20%)

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Crude Oil WTI Futures

109.67

+0.14 (+0.13%)

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Brent Oil Futures

112.25

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Natural Gas Futures

6.438

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US Coffee C Futures

228.05

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Euro Stoxx 50

3,514.32

-34.97 (-0.99%)

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Neutral

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S&P 500

3,818.83

-2.72 (-0.07%)

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DAX

13,003.35

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FTSE 100

7,312.32

-11.09 (-0.15%)

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Hang Seng

21,996.89

-422.08 (-1.88%)

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US Small Cap 2000

1,713.32

-25.52 (-1.47%)

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Neutral

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IBEX 35

8,188.00

-129.50 (-1.56%)

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BASF SE NA O.N.

41.580

-1.445 (-3.36%)

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↑ Sell

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Bayer AG NA

57.62

-2.61 (-4.33%)

Summary

Neutral

Moving Avg:

Buy (5)

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Allianz SE VNA O.N.

183.72

+0.62 (+0.34%)

Summary

Buy

Moving Avg:

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Adidas AG

170.02

-0.30 (-0.18%)

Summary

↑ Sell

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Deutsche Lufthansa AG

5.813

-0.222 (-3.68%)

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↑ Buy

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Siemens AG Class N

101.40

-2.74 (-2.63%)

Summary

↑ Sell

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Deutsche Bank AG

8.571

-0.292 (-3.29%)

Summary

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Moving Avg:

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Indicators:

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Sell (3)

 EUR/USD1.0445↑ Buy
 GBP/USD1.2125↑ Buy
 USD/JPY136.55Sell
 AUD/USD0.6883↑ Buy
 USD/CAD1.2887↑ Sell
 EUR/JPY142.62Sell
 EUR/CHF0.9971↑ Sell
 Gold1,819.75↑ Buy
 Silver20.733Neutral
 Copper3.7793↑ Buy
 Crude Oil WTI109.67↑ Buy
 Brent Oil112.25↑ Buy
 Natural Gas6.438↑ Buy
 US Coffee C228.05↑ Sell
 Euro Stoxx 503,514.32Neutral
 S&P 5003,818.83↑ Buy
 DAX13,003.35↑ Sell
 FTSE 1007,312.32Sell
 Hang Seng21,996.89Neutral
 Small Cap 20001,713.32Neutral
 IBEX 358,188.00↑ Buy
 BASF41.580↑ Sell
 Bayer57.62Neutral
 Allianz183.72Buy
 Adidas170.02↑ Sell
 Lufthansa5.813↑ Buy
 Siemens AG101.40↑ Sell
 Deutsche Bank AG8.571Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,805/ 6,865
(0/ 0) # 1,727
SJC HCM6,820/ 6,890
(0/ 0) # 1,751
SJC Hanoi6,820/ 6,892
(0/ 0) # 1,753
SJC Danang6,820/ 6,892
(0/ 0) # 1,753
SJC Nhatrang6,820/ 6,892
(0/ 0) # 1,753
SJC Cantho6,820/ 6,892
(0/ 0) # 1,753
Cập nhật 30-06-2022 05:59:51
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ↀ Giá vàng thế giới
$1,818.40-0.1-0.01%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V33.47034.130
RON 95-III32.87033.520
E5 RON 92-II31.30031.920
DO 0.05S30.01030.610
DO 0,001S-V30.81031.420
Dầu hỏa 2-K28.78029.350
ↂ Giá dầu thô thế giới
WTI$109.66+3.953.60%
Brent$115.68+4.33.72%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.070,0023.380,00
EUR23.788,7225.121,19
GBP27.597,2728.774,53
JPY166,01175,75
KRW15,4718,85
Cập nhật lúc 18:53:49 29/06/2022
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