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Elon Musk’s favourite cryptocurrency, Dogecoin (DOGE) can also be turning into a good selection for customers concerned in illicit actions. Elliptic Connect 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

According to the report, until now round 50 such events have come underneath their scanner. These incidences concerned hundreds of thousands 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 stories, Turgut and his associates managed to affect round 1500 DOGE holders to put money into their scheme. They promised buyers a 100% return in simply 40 days. It added that the fraudster satisfied buyers through Zoom calls and luxurious conferences. The pseudonym managed to collect over 350 million Dogecoin which is valued at round $119 million at the moment.

Elliptic Connect talked about that the launch of the Dogewallet has additionally resulted in hacking associated actions. However, it additionally highlighted the Plus Token Ponzi scheme. As per stories, the Chinese authorities seized around 6 billion DOGE tokens. Meanwhile, round $4.2 billion price of digital belongings together with Bitcoin and Ethereum have been grabbed by the police.

Elon Musk accused of selling Dogecoin

Meanwhile, self claimed Dogefather, Elon Musk got sued for round $258 billion by a DOGE investor. Tesla Chief has been accused of operating a pyramid scheme to run the Dogecoin. The grievance mentions that Musk, Tesla Inc and SpaceX promoted the crypto to pump its worth.

Musk has been a giant promoter of the DOGE. Every time he makes any remark associated to the token, it worth 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 worth of $0.0641, on the press time.

Ashish believes in Decentralisation and has a eager curiosity in evolving Blockchain know-how, Cryptocurrency ecosystem, and NFTs. He goals to create consciousness across the rising Crypto trade by means of his writings and evaluation. When he isn’t writing, he’s enjoying video video games, watching some thriller film, or is out for some out of doors sports activities. Reach me at [email protected]

The introduced content material might embody 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 duty in your private monetary loss.