Elon Musk’s favourite cryptocurrency, Dogecoin (DOGE) can be turning into a good selection for customers concerned in illicit actions. Elliptic Join has noticed incidents over the globe the place DOGE token has been concerned in lots of thefts, scams and Ponzi schemes.
DOGE concerned 50 fraud occasions
In response to the report, until now round 50 such events have come underneath their scanner. These incidences concerned tens of millions of {dollars} worth of Dogecoin. It talked about the theft of round $119 million of DOGE linked with a Turkish Ponzi scheme in 2021. A pseudonym identify “Turgut V” is believed to mastermind behind this incident.
As per reviews, Turgut and his associates managed to affect round 1500 DOGE holders to put money into their scheme. They promised traders a 100% return in simply 40 days. It added that the fraudster satisfied traders through Zoom calls and luxurious conferences. The pseudonym managed to assemble over 350 million Dogecoin which is valued at round $119 million at the moment.
Elliptic Join talked about that the launch of the Dogewallet has additionally resulted in hacking associated actions. Nevertheless, it additionally highlighted the Plus Token Ponzi scheme. As per reviews, the Chinese language authorities seized around 6 billion DOGE tokens. In the meantime, round $4.2 billion price of digital belongings together with Bitcoin and Ethereum had been grabbed by the police.
Elon Musk accused of selling Dogecoin
In the meantime, self claimed Dogefather, Elon Musk got sued for round $258 billion by a DOGE investor. Tesla Chief has been accused of working a pyramid scheme to run the Dogecoin. The criticism mentions that Musk, Tesla Inc and SpaceX promoted the crypto to pump its value.
Musk has been an enormous promoter of the DOGE. Each time he makes any remark associated to the token, it value jumps. The latest announcement of the Twitter deal made the crypto pump. The plaintiff needs to dam musk and his firms from selling Dogecoin to revenue from its buying and selling.
The Dogecoin is buying and selling at a median value of $0.0641, on the press time.
The introduced content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.