According to a recent report by Elliptic, the largest meme-cryptocurrency Dogecoin is gaining momentum on the darknet. A London-based firm has found millions of dollars worth of Dogecoin transactions linked to illegal activities. Elliptic has discovered that DOGE is widespread on several popular dark web marketplaces that offer drugs and stolen data.
Criminals started using Dogecoin shortly after its inception in 2013. Already in 2014, a fake Silk Road marketplace called “Doge Road” appeared. The owner of the already defunct trading platform ran away with other people’s money shortly after its creation. The bull market has created fertile ground for countless scams and Ponzi scams within the DOGE meme cryptocurrency ecosystem.
So, in August 2021, the Turkish prosecutor’s office launched an investigation a Dogecoin mining scheme that allegedly swindled investors out of a whopping $119 million. The report states that Dogecoin has been used by several malicious companies over the past few years. Also, far-right extremists such as Alex Jones and his organization InfoWar are accepting donations in memecoin. it still remains one of the 10 largest cryptocurrencies in the world. Elon Musk, CEO of Tesla and Dogecoin’s most influential fan, said he will continue to support the coin.