Dogecoin, which in recent months has been heavily promoted by Tesla CEO Elon Musk, is currently the world’s 10th largest cryptocurrency with a market capitalization above $8 billion. It is reported that that Dogecoin worth millions of dollars has been linked to scams, terrorism financing, vendors of child sexual abuse material and Ponzi schemes (like the PlusToken scheme).
According to the report, till now around 50 such events have come under their scanner. These incidences involved millions of dollars worth of Dogecoin. It mentioned the theft of around $119 million of DOGE linked with a Turkish Ponzi scheme in 2021. A pseudonym name “Turgut V” is believed to mastermind behind this incident.
As per reports, Turgut and his associates managed to influence around 1500 DOGE holders to invest in their scheme. They promised investors a 100% return in just 40 days. It added that the fraudster convinced investors via Zoom calls and luxury meetings. The pseudonym managed to gather over 350 million Dogecoin which is valued at around $119 million at that time.
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