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Vivek Ramaswamy’s X (formerly Twitter) account was hacked today, causing a stir online with a fraudulent post claiming a partnership between the US Department of Government Efficiency (DOGE) and the stablecoin issuer USUAL. The post, which promised to address the federal fiscal deficit and promote digital currencies for economic stability, was quickly deleted after Ramaswamy’s team identified the breach.
The now-deleted post claimed the partnership would help streamline government transactions and promote fiscal responsibility using digital currencies. However, cybersecurity experts confirmed the tweet was part of a scam to promote fake crypto initiatives.
James Fishback, founder of Azoria, confirmed the hack and criticized the announcement as a “scam.” He tweeted, “I just spoke with Vivek. He has been hacked. He is locked out of his account. This is a scam.”
Despite the post’s brief existence, it had immediate financial repercussions. The price of USUAL, a relatively unknown stablecoin, surged by nearly 35%, with its market capitalization jumping by 37%. Concerns arose about market manipulation or a reaction to the false news, with crypto traders rushing to capitalize on the sudden spike.
The post was widely shared before it was taken down. One Twitter account, Magacoin, posted a screenshot of the now-deleted tweet, which read: “BREAKING: Suspicions arise as Vivek Ramaswamy’s Twitter account, co-leader of the US govt’s DOGE efficiency dept, seems hacked.”
No official statements have been released yet from Ramaswamy or the US government. The incident is under investigation, with cybersecurity experts working to determine how the breach occurred and to ensure that further security measures are implemented.
Ramaswamy, recently appointed co-leader of the newly established Department of Government Efficiency (DOGE), had been gaining attention for his role alongside Tesla CEO Elon Musk. The department is focused on reducing inefficiencies within federal processes, particularly in IT infrastructure. Ramaswamy, a well-known figure in tech and biotech, was also poised to drive innovation in the public sector.
Despite the hacking incident, there are no indications of any official partnership between DOGE and USUAL. The supposed collaboration between the government department and the stablecoin issuer was a complete fabrication. Fishback warned the public to be cautious, reiterating that the post was a “scam” intended to exploit the popularity of high-profile individuals in the crypto space.
The incident also shed light on the ongoing challenges in the crypto world, where scams targeting prominent figures and their social media accounts have become increasingly common. Scammers often use the buzz around government initiatives and crypto markets to deceive unsuspecting investors.
The reality behind the DOGE-USUAL rumors
While the DOGE-USUAL stablecoin partnership was fake, the real focus remains on Elon Musk’s DOGE initiatives. The Department of Government Efficiency (DOGE) has been actively working on reducing inefficiencies within the US government. Recently, it highlighted that 80% of the $100 billion annual IT budget is spent on maintaining outdated systems.
Musk, known for his outspoken views on government overspending, has argued that eliminating waste could help curb inflation, aligning with his broader vision for fiscal efficiency.
Though the DOGE-USUAL partnership was a hoax, the DOGE department’s ongoing efforts to reduce government spending and modernize federal processes continue to attract significant attention.
In a volatile crypto market, experts urge caution and advise investors to differentiate fact from fiction.
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