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

According to Elliptic, Dogecoinis being used to finance frauds, scams, Ponzi schemes, and other more serious crimes like terrorism and child sexual abuse material.

Criminals Use DOGE As An Alternative To BTC And ETH

Per Elliptic’s report, criminals have moved millions of dollars in DOGE through thefts, scams, and Ponzi schemes. These include Plus Token, in which $20 million in DOGE were seized, and another alleged $119 million DOGE theft in China connected to a Turkish Ponzi scheme.

However, although millions of dollars are being moved in Dogecoin, most of the illicit activities are not as severe as terrorist financing or the purchase of child sexual abuse material —even though these also exist.

For example, for terrorism financing, the estimated value moved with DOGE amounts to 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…

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