• Chainalysis will begin including Dogecoin in its reports

  • Chainalysis, a blockchain data platform based in New York, announced on Monday that it will begin covering the so-called meme coin, Dogecoin (DOGE).The decision comes in the wake of the cryptocurrency’s growing popularity as a result of widespread endorsement by high-profile figures such as Tesla CEO Elon Musk, but the company also claims the coin has attracted the attention of criminals.

    Chainalysis mentioned the volume figures that Dogecoin has printed so far this year during the announcement. Furthermore, the company claims that it has naturally led to an increase in the use of the meme coin for criminal purposes.

    “This year has seen several thefts and scams involving Dogecoin, including a giveaway scam that netted fraudsters over $40,000 after they promoted a bogus, Elon Musk-led initiative to pay users 10x back on any cryptocurrency sent to an address they provided, using hacked Twitter accounts to promote the scam following the Tesla CEO’s hosting appearance on Saturday Night Live. Dogecoin has also grown in popularity in high-risk jurisdictions such as Iran, according to Chainalysis. Furthermore, the analytical firm stated that Dogecoin had become a “frequently requested” cryptocurrency from customers to include in their reports.

    Dogecoin Fake Giveaway

    The Chainalysis giveaway scam occurred in May, when cybercriminals used Musk’s appearance on Saturday Night Live to launch a fraudulent giveaway campaign on Twitter. According to reports, the hackers made around $100,000 in Bitcoin (BTC), Ethereum (ETH), and Dogecoin. Unfortunately, victims fell victim to the scam by sending small amounts of cryptocurrency, as the fraudsters promised ten times the amount invested in the giveaway.

    The announcement comes after the blockchain firm received $100 million in the most recent Series E funding round led by Coatue, a US-based company. Existing investors in Chainalysis, including Benchmark, Accel, Addition, Dragoneer, Durable Capital Partners, and 9Yards Capital, have also increased their stake in the blockchain analysis firm.

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