Dogecoin (DOGE) was created in 2013 as a meme-coin. So although the coin was originally a joke it has since developed in earnest. Elon Musk’s interest in DOGE has certainly helped. Meanwhile, this crypto is taken more and more seriously, unfortunately also in circles where there is not much to laugh about. Indeed, recent research shows that Dogecoin (DOGE) is becoming increasingly popular in cybercrime and on the darkweb.
Before we take a look at how the once innocently funny memecoin is heading down the criminal path. Of course, we first take a look at the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin flat and top 25 crypto changes
At the time of writing, the live Bitcoin price is quoting EUR 20,045.52 ($21,058.34). This is 0.63% lower than yesterday around this time.
The prices of the top 25 crypto show varying results. The biggest gain is currently for OKB (OKB) with 4.37%. At 3.37%, Chainlink (LINK) is currently losing the least. On the site of Tradeincrypto.com you can see all live crypto prices 24 hours a day.
Now that we’re up to speed on the current situation, we’ll dive into the criminal history that Dogecoin (DOGE) is building.
Dogecoin (DOGE) popular with terrorists
We’ll start right off with the heavy hitters. Terrorism is the second largest area of criminal activity where Dogecoin is used word. How far this crypto has been introduced we see on seizure orders issued by Israel against Hamas. In addition to millions in Tether (USDT) and Bitcoin (BTC), Doge appears to be listed for over $40,000. This puts the currency in the top 5 most used crypto by Hamas.
Malware criminals cuddle up with the DOGE dog
After terrorism, Malware is the most popular criminal application of this meme-coin.
Besides the “simple” fraud where people are persuaded with fake emails to transfer money to the scammers, we also see more creative applications.
For example, DOGE wallet addresses are increasingly becoming victims of so-called clipboard fraud. This means that cybercriminals install special malware on your device. This ensures that if you copy a wallet address onto your clipboard, it is automatically exchanged for a wallet address belonging to the Thieves. In this way you transfer money to them unnoticed.
They also sent along a piece of malware called “Doki”. Doki sounds cute but it certainly is not. It collects data from DOGE transactions in order to find out and attack the so-called command and control servers.
After malware, Dogecoin (DOGE) is also gaining ground in organized crime. This can be seen most clearly online on Darkweb .
Dogecoin on Darknet: the imposter deceived
Dogecoin (DOGE) is also increasingly accepted on Darknet. You can pay with this crypto on all kinds of underground sites. There are also a number of large Darkweb marketplaces (indeed, marketplaces for illegal items) that accept DOGE. A well-known example is Just-Kill, which specializes in stolen credit cards.
In 2014, the fraudster was tricked, or more literally, the criminal robbed. One started a special “black market” on darkweb where you could pay only with Dogecoin (DOGE). The exchange existed only briefly, because when enough interested parties had made a deposit to buy their dark business they committed a classic exit fraud. The site went off the air and the money was gone. Who “one” was, of course, was never clarified.
Abuse and extremism does not pass this crypto by either
In addition to these forms of crime, we also see that extremists and perverts have discovered this crypto. For example, one found an increasing number of donations in DOGE to extreme right-wing platforms. Even material involving the sexual abuse of children can nowadays be settled in DOGE. Although the amounts are not too high in absolute terms, the development worries researchers.
Most criminal Dogecoin (DOGE) is found in theft, scams and Ponzi schemes
When we look at the criminal side of crypto, theft, scams and ponzi schemes are the most common frauds. This is no exception with Dogecoin (DOGE). The first time this meme coin was affected was a few days after its creation when storage provider Dogewallet was hacked. The largest theft was $119 million. This involved a Turkish pyramid scheme. In total, more than 50 cases have already been noted where a total of hundreds of millions of dollars worth of DOGE was looted.
By the way, this cannot hurt the popularity of the coin (yet), as on the list of most popular crypto, it takes 11th place. The live Dogecoin (DOGE) price is $0.0666. This is 0.99% higher than yesterday.
Incidentally, even for Elon Musk, there is less and less to smile about Dogecoin (DOGE). For example, he will soon have to defend himself in court against a mega-claim accusing him of abusing his fame and influence to pump up the value of Dogecoin (DOGE) without cause. In doing so, he allegedly disadvantaged investors to the tune of billions. We previously discussed the details of the mega-claim against Elon Musk.
You can find the entire investigation into the criminal use of Dogecoin (DOGE), including charts, here.
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