New Delhi. Elliptic Connect has claimed in a report that dogecoin, which is preferred as a cryptocurrency, is being used extensively in the world of crime. That too in no small crimes but in serious crimes like terrorism, child sexual abuse and fraud, this cryptocurrency has become a major weapon of transactions.
According to the report, so far millions of dollars of Dogecoin have been used in terrorist activities, fraud and other crimes. At present, Dogecoin is included in the top 10 cryptocurrencies in the market and its total market capitalization has reached about 10 billion dollars. Most of this coin is being used in crime to cheat people through fraud, scam and ponzi scheme. Along with this, it is also being used in child sex crimes and terrorism.
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The Terrorist Connection of Crypto
The report said that in July 2021, Israel’s National Bureau for Counter Terror Financing was exposed to sending money in crypto to the terrorist organization Hamas. Under this, 40,235 dollars were sent to Hamas in the form of Dogecoin. The amount of Dogecoin sent to Hamas is small compared to cryptocurrencies like Bitcoin and Tether, but it is enough to reflect the increased risk of this crypto asset.
$3,000 involved in juvenile delinquency
The involvement of crypto assets in child sex crimes has also been revealed. Reports suggest that child sex crimes are taking place around the world through the darknet, in which dogecoin is being made a means of transactions. By the way, its amount is very less right now, because in such crimes, only $ 3,000 dogecoin has been used at the global level. Despite this, it is an alarm bell for law agencies.
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open use in darkweb
There is another world of the Internet which is known as Darkweb. All kinds of criminal activities take place here. The use of dodgecoin is also increasing on the darkweb. Dodgecoin is also being used to purchase drugs, verify stolen credit cards, and purchase illegal items. Along with this, the number of computer viruses and malware is also increasing that steal dogecoin from users’ wallets. Dodgecoin worth $29,000 has been stolen through ClipTomanner and Dockery malware.
Elliptic has uncovered more than 50 thefts, scams and posi schemes so far that used Dogecoin. Soon after the launch of this crypto, 14 thousand dollars were stolen by hacking it. Dodgecoin worth $ 20 million was flown in China through Posi scheme, while in Turkey also in the year 2021, Dodgecoin of $ 119 million was cheated through Posi scheme.
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Elon Musk is still promoting it
Ever since the launch of Dodgecoin in the year 2013, it has been liked by many celebrities. Elon Musk, the world’s richest person and owner of companies like Tesla and SpaceX, is also a big fan of Dodgecoin. He recently said that he will continue to promote this cryptocurrency even further. However, many investors have also accused him of using Dodgecoin as a POSI scheme and a lawsuit has also been filed in the US.
Tags: Cryptocurrency, Cyber Crime, Elon Musk, Terrorism
FIRST PUBLISHED : June 23, 2022, 12:41 IST