Elliptical experts have discovered millions of dollars worth of illegal transactions with the Dogecoin meme-cryptocurrency. The analytical company reported this to ForkLog.

The researchers noted that the vast majority of “illegal” Dogecoin transactions are related to scams, scams and Ponzi schemes. However, the coin is also used to finance terrorism, trade on the dark web, and distribute child pornography (CSAM).

At the time of this writing, the company discovered more than 50 different types of theft, pyramid schemes, and other scams, resulting in hundreds of millions of dollars worth of Dogecoins from attackers.

Last year, Turkish authorities launched an investigation into a plot that escaped with 350 million DOGE. At that time, assets were estimated at $119 million. Also, the well-known financial pyramid PlusToken withdrew 11 billion DOGE, some of which were later confiscated by Chinese law enforcement agencies.

Experts emphasized that the share of payments related to illegal activities in Dogecoin is insignificant compared to other cryptocurrencies. For example, the researchers determined that CSAM-related transactions in meme tokens are worth less than $3,000.

Experts discovered several malicious campaigns related to Dogecoin theft.

Cliptomaner software for covert cryptocurrency mining on infected devices also gains access to the clipboard, replacing the addresses copied into it with those controlled by the attackers. The Dogecoin address associated with Cliptomaner has already received around $29,000 worth of transactions.

Elliptic has also identified several far-right organizations that use Dogecoin to raise funds.

In 2021, Israeli authorities issued arrest warrants for crypto wallets allegedly controlled by the militant group Hamas (considered a terrorist organization in some countries). According to law enforcement officials, Hamas has received donations, including Dogecoin.

Recall that the popularity of Dogecoin increased in many ways due to the support of the cryptocurrency by Elon Musk.

According to Coinecko, at the time of writing, the coin ranks 11th by market cap among other cryptocurrencies.

In June, a US resident accused SpaceX and Tesla, as well as their heads, of promoting the “cryptocurrency pyramid” Dogecoin. He demanded $258 billion in damages and compensation.

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