Popular Meme Coin Dogecoin Used in 'Most Serious' Crimes

dogecoin, crime, adoption

Source: AdobeStock / Fly_dragonfly

Dogecoin (DOGE), the world’s largest meme coin in terms of market capitalization, is being used by illicit actors in the “most serious types of crime,” according to a recent report from blockchain analytics firm Elliptic.

The report states that as dogecoin gained popularity as a means of payment for legitimate goods, it has also caught the attention of bad actors.

Elliptic claims it has identified “millions of dollars worth of Dogecoin transactions connected to illicit activity,” which largely includes fraud, scams, and Ponzi schemes, as well as more serious crimes, like financing of terrorism and vendors of child sexual abuse material (CSAM).

dogecoin, crime, adoption

Breakdown of illicit use of Doge. Source: elliptic.co

The firm pointed out the usage of dogecoin for terrorism financing, citing a 2021 seizure order by Israel’s National Bureau for Counter Terror Financing against 84 crypto addresses believed to be linked to the militant group Hamas, which contained USD 40,235 in DOGE.

“While a small sum compared to Bitcoin and Tether, this example demonstrates the awareness, and increasing adoption, of a wide variety of cryptoassets by groups such as Hamas,” the report said.

dogecoin, crime, adoption

Source: elliptic.co

The report also revealed that “a small and growing number of” CSAM vendors operating both on the darknet and clearnet are accepting payments in dogecoin.

However, the level of DOGE usage within the CSAM community “is currently very low, with less than [USD] 3,000 in payments globally identified to date,” the report added.

Dogecoin is also being used by illicit actors in darknet markets. For instance, Just-Kill, which describes itself as a “call and e-mail flood service,” allows users to both deposit funds and donate using dogecoin.

The popular meme coin has also been used to raise funds for far-right extremist groups, per Elliptic.

Created in 2013 as a joke, Dogecoin has become one of the world’s largest cryptoassets, owing much of its success to endorsements and support from Tesla and SpaceX CEO Elon Musk.

At 8:52 UTC on Thursday morning, DOGE is the 11th coin by market capitalization with USD 8.5bn. It’s up 3.2% in a day and 0.5% in a week, currently trading at USD 0.063. 

____

News Related

OTHER NEWS

Yuga Labs Lawsuit Accuses Ryder Ripps of 'Scamming Consumers' With Fake Bored Apes

The suit claims that the artist's "deliberate effort" to devalue Bored Ape Yacht Club NFTs is "no mere monkey business." Read more »

Ex-soldier who killed neighbours in parking row to appeal sentence over Army trauma

The family of a war veteran jailed for murdering his neighbours in a parking row want to reduce his minimum sentence. This week Collin Reeves, 35, was jailed for at ... Read more »

Healthy woman claimed she was bedridden to claim benefits of over £600,000

A fraudster who claimed she was bedridden to con more than £600,000 has been locked up, with the judge saying it was possibly the largest fraud of its type to ... Read more »

Mum fears for son's life after seeing upsetting footage of bullies attacking him

jQuery(function(){ if (typeof jwplayer_load == typeof indefined) { var jwplayer_load = 1; jQuery(window).load(function(){ jQuery(".sc_video_shortcode_jwplayer").each(function(){ var _this = $(this); jQuery.get(jQuery(this).attr("url"), function(data, status){ if (typeof data.split("\n") !== typeof undefined) { var src ... Read more »

Woman claimed she was bedridden to con more than £620,000 out of council

Frances Noble from Weston, Hertfordshire, kept up the con for more than a decade (Picture: South Bedfordshire News Agency) A woman claimed she was bedridden to con more than £620,000 ... Read more »

Bear Market VS. Bull Market: Paxos Standard, Stasis Euros Token And Mehracki Tokens Compete To Be The Best Cryptocurrency

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists. In recent months, there has been a lot of talk regarding the bull market vs ... Read more »

Storj (STORJ) – A Relatively Unheard Crypto – Leads Gainers With 30% Rally

The price of STORJ (pronounced “storage”) has increased by a little over 30 percent in the last 24 hours. According to CoinMarketCap, STORJ, an ETH token, is the 88th largest coin ... Read more »

Top GCC Banker Hussein Al Meeza Joins Islamic Coin Executive Board

Top financier and banker Hussein Al Meeza has joined Islamic Coin – the Shariah-compliant cryptocurrency launched in the UAE. Having been named Best Islamic Banking Personality in 2006, Mr. Al ... Read more »

Peter Thiel-Backed Bitcoin Trading Platform Bitpanda Cuts Staff

The company cited a variety of reasons, including an excessive growth rate and “changing market sentiment.” Read more »

3 bodies, including woman stabbed and bound to bed, found in Queens

Two of the three victims were found in the basement. Christopher Sadowski Police found three dead bodies, including a woman stabbed and bound to a bed, in a Queens home ... Read more »

Mastercard: 51% of Surveyed Consumers in Latin America & the Caribbean Have ‘Experienced’ Crypto

Source: AdobeStock / Joaquin Corbalan Interest in crypto is piquing in Latin America and the Caribbean (LAC), where the payments giant Mastercard says over half of “consumers” have already had ... Read more »

Brian Laundrie admitted to killing Gabby Petito in his notebook: report

Brian Laundrie admitted to killing girlfriend Gabby Petito in a notebook left in the Florida swamp where he committed suicide — but Laundrie insisted it was an act of “mercy,” ... Read more »

Futures: The Future of the Crypto Space, and a New Battlefield for Crypto Exchanges

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists. Over the past few years, the crypto market has continued to expand, and the total ... Read more »

Letters to the Editor — June 25, 2022

New York Post readers on both sides of the issue sound off on the Supreme Court overturning New York’s law that restricts the carrying of concealed firearms. iStock The Issue: ... Read more »

Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO

Bitcoin has recovered above $20,000 but since then, there has not been any significant upward movement. This has led to speculations on whether the digital asset would be able to ... Read more »

How Bill de Blasio’s cuts in jail beds will tie Eric Adams’ hands — and make crime even worse

New York City Mayor Eric Adams’ ability to address rising crime is constricted by the policies of his predecessor. Getty Images Mayor Eric Adams was elected with a mandate to ... Read more »

Why Solana Has Outperformed Ethereum, SOL Up 36% In One Week

Solana (SOL) is the best performing asset in the crypto top 10 by market cap. The market seems to be positively reacting to Solana Labs’ smartphone announcement as the cryptocurrency ... Read more »

Proof that NY’s criminal-justice system is broken — from soft-on-crime DA Alvin Bragg himself

Manhattan DA Alvin Bragg has been criticized early and often for his policies on crime. Steven Hirsch When a perp that even let-’em-loose District Attorney Alvin Bragg thinks should be ... Read more »

Why Solana Is Going Big on Mobile—And Making a Smartphone

Solana co-founder Anatoly Yakovenko tells Decrypt about its new SMS platform and Android phone, the Solana Saga. Read more »

Bored Ape Founders Respond to 'Crazy Disinformation Campaign' From 'Demented Troll'

Bored Ape Yacht Club NFTs are made by Nazi racists? An elaborate troll has gone far enough, BAYC co-founder says. Read more »

Left’s uphill battle vs. parents and other commentary

Law enforcement officials are rediscovering the tactic of precision prosecution, which targets known violent criminals to help reduce violent crime. Shutterstock Education desk: Left’s Uphill Battle vs. Parents “The Left ... Read more »

Dutch mobster sentenced to life in prison over contract killings

One of the most notorious Dutch criminals has been sentenced to life imprisonment for ordering a string of killings. Willem Holleeder — a career criminal nicknamed “The Nose” — will ... Read more »

Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead?

On-chain data shows Bitcoin whales are transferring large amounts to derivatives exchanges right now, a signal that more volatility could be ahead for the crypto. Bitcoin All Exchanges To Derivatives ... Read more »

Florida man Xichen Yang denied bond after allegedly slitting wife’s throat, watching her die

A Florida man appeared in court Thursday and was denied bond after being accused of slitting his wife’s throat in a fit of rage, and then holding her hand as ... Read more »

Teen busted in broad-daylight Bronx killing of LA drill rapper Avanti Frowner

A teen has been arrested in the broad-daylight shooting death of a Los Angeles-based drill rapper at a Bronx pharmacy earlier this month, authorities say. River Jones, 18, was picked ... Read more »

How To Become A Power Trader With PrimeXBT Trading Contests

The powerful tools provided by PrimeXBT are always more than meets the eye. At a glance, the new Contests module is a place where traders can join weekly competitions for ... Read more »

Celsius Enlists More Advisors to Help With Potential Bankruptcy: Report

Celsius its headed towards bankruptcy—and looking for help, sources tell the Wall Street Journal. Read more »

Sly pickpocket, 22, steals pensioner's medicine from her handbag at busy station

A woman has been jailed for one month after stealing medicine from an elderly woman at a busy London tube station. Vasilka Stancheva, 22, was caught by British Transport Police ... Read more »

Market Wallows In Extreme Fear As Bitcoin Struggles To Hold $20,000

Bitcoin has been struggling in recent times and even with the recovery, continues to find it hard to hold above the $20,000 level. With the crash has also come a ... Read more »

PrimeXBT App Review: Why The Trading Platform Won Forex Awards' 'Best Crypto Trading App'

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists. PrimeXBT is an award-winning trading platform, but in particular, it also took home the prestigious ... Read more »

Smaller Exchanges Could Fall Due to Confusing ‘Web of Relationships’, Report Warns

Source: AdobeStock / zest_marina Smaller crypto exchanges could be vulnerable to collapse during this crypto bear market, given seemingly unsustainable yields offered to users, and a confusing “webs of relationships” ... Read more »

Lark Davis: Number Of Addresses Holding At Least One Bitcoin (BTC) Has Hit A New All-Time High And Why You Should Hold Gnox Token (GNOX)

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists. Lark Davis is a content creator on the YouTube platform who brings daily content to ... Read more »

Avalanche (AVAX) vs Chronoly (CRNO) - Investing Guide For 2022 and Beyond

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists. Investment strategies vary depending upon which investors you talk to. But one of the critical ... Read more »

FTX Plans to Acquire Stake in Crypto Lender BlockFi: Report

FTX recently provided BlockFi with a $250 million bailout. Read more »

THORChain Deploys Mainnet After 4-Year Wait, RUNE Soars 13% In 24 Hours

THORChain has been trading in the green and recovering faster than larger cryptocurrencies. The development team behind this project, Nine Realms, announced the launch of their mainnet after 4 years ... Read more »

Day of Exchanges: Binance Launches Institutional, CoinFLEX Pauses Withdrawals, Moody's Downgrades Coinbase as Latter Brings More KYC for Dutch Users + More News

Source: AdobeStock / Koshiro Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________ Exchange news Binance ... Read more »

Powell: Congress to Receive Guidance from Federal Reserve on CBDC

Federal Reserve Chair Jerome Powell said a digital currency issued by the U.S. Central Bank is ‘a very important potential financial innovation.’ Read more »

NYC woman stabbed to death inside Bronx apartment, cops say

A 56-year-old woman was stabbed to death inside a Bronx apartment early Friday, cops said. The woman was discovered with a stab wound to her lower torso just after 3:30 ... Read more »

Fashion Brand Salvatore Ferragamo Opens Ethereum NFT Booth in NYC

The upscale fashion designer joins the likes of Gucci, Prada, and Balmain embracing NFTs. Read more »

Top 5 Cryptos Taking A Major Beating In The Ongoing Market Mayhem

The Top 5 cryptos featured in this article today are taking a heavy blow in the ongoing market pandemonium. Led by Bitcoin and Ethereum – two of the biggest cryptocurrencies ... Read more »