Do you know about Darknet? A place where notorious and illicit activities take place. Dogecoin is slowly becoming the undisputed king of the Darknet. It has unwittingly created a mass following among dark web users who are nefarious for their malicious practices.
Since its launch in December 2013, Dogecoin is primarily known for two things: being the father of meme coins and being godfathered by Elon Musk. Along with the Shiba Inu meme, the Dogecoin meme has transformed many unsuspecting individuals into millionaires and provided the world with success stories that have never been before. But just like the father of all cryptos – Bitcoin, Dogecoin has its own darker secrets that rest in the dark web.
Dogecoin Meme Used for Illicit Purposes Across the Globe
Many people involved with the ‘Dark Web’ refer to Dogecoin as the Dark Net King. For the uninitiated, Dark Net King has nothing to do with Dark Night King seen in ‘The Game of Thornes’, but everything to do with the unlawful and unethical activities taking place in the darker side of the virtual world that we explore every day on our computers.
It is worth remembering that Dogecoin’s popularity rose when people used it for donations. But just like righteous people used it for good, criminals are using it to cause chaos in the world. Unfortunately, our favorite Dogecoin meme has been linked with Ponzi schemes, terror financing, murder, and child abuse.
Evidence Against Dogecoin Meme
An analytics company named Elliptic has revealed that many illegal campaigns and darknet markets are now taking Dogecoin as payment for services such as Just-Kill. Many extremist groups have taken a liking to Dogecoin and used it frequently.
In July 2021, Israel’s NBCTF (Israel’s National Bureau for Counter Terror Financing) found as many as 84 crypto wallets linked to illegal activities. And among the 84 wallets, one wallet contained Dogecoin tokens. The tokens were worth over $40,000, which criminals would have probably used for something terrible. Unfortunately, this is not the only time Dogecoin has received a bad name. In the past, many fraud activities and Ponzi schemes have also been connected with DOGE.
Dogecoin and other Cryptos Use on Darknet is Nothing New
Although people and governmental organizations have linked the Dogecoin meme to various nefarious activities, it is not an aberration but just a norm in the cryptocurrency world. Due to crypto’s d decentralized nature, cryptocurrency transactions are harder to track. Just like Dogecoin, Bitcoin has also been used for criminal activities. Considering that Bitcoin is the king of all cryptocurrencies and still vulnerable to harmful use, it is hard to imagine Dogecoin, or for that matter, any other crypto, to avoid the same fate.
Conclusion
Criminals are always looking for loopholes in the system, and right now, cryptocurrencies are providing them a way to transact. But even if we did not have crypto, they would have found another way to hide their tracks. Although such illicit activities do present the Dogecoin meme and Bitcoin in a bad light, it is not the fault of the cryptocurrency but the whole world. On the other hand, cryptocurrency has supported many positive ventures. For instance, Vitalik Buterin donated $1 Shiba Inu coins to the Covid-19 relief fund in India.
Also Read: 3 Reasons to Sell Shiba Inu in 2022 While You are Ahead