Vivek Ramaswamy’s Account Hacked; DOGE-USUAL Partnership False

Vivek Ramaswamy’s X account got hacked and a fake post went out announcing a partnership between the Department of Government Efficiency (DOGE) and USUAL, the stablecoin issuer.

The now deleted post claimed they would be addressing the federal fiscal deficit and making government transactions more efficient.

The post said they would promote fiscal responsibility and use digital currencies to achieve economic stability and financial inclusion. But Ramaswamy’s team caught the breach and took down the post. James Fishback, founder of Invest Azoria, confirmed the account was hacked and called the announcement a scam to promote fake crypto initiatives.

The Reality Behind the DOGE-USUAL Rumors

The DOGE-USUAL stablecoin partnership was supposed to be using crypto to support Donald Trump’s fiscal policies. The announcement said it would streamline federal spending and make IT infrastructure more efficient, just like Elon Musk’s Department of Government Efficiency.

But all of this was made up by the hackers. Scammers targeting X accounts of high profile individuals is not new, they use the popularity of crypto to dupe investors. This is the latest in a string of hacks involving big names in the crypto space.

Fishback warned the public that the DOGE-USUAL partnership was all false and part of a bigger scam to rip off users.

Elon Musk’s DOGE Initiatives: Fact vs. Fiction

Although the DOGE-USUAL partnership is fake, Elon Musk’s Department of Government Efficiency is still working to reduce government spending. The department recently found inefficiencies in the federal IT budget, 80% of the $100 billion annual budget is spent on maintaining outdated systems.

Musk has been vocal about government overspending, he links it to inflationary pressures. He said if you eliminate government waste you will curb inflation, a big claim that aligns with his overall vision of fiscal efficiency.

DOGE’s goal to reduce government spending is real, but the DOGE-USUAL partnership is fake. Musk’s comments and the department’s plans are getting a lot of attention, but in crypto you gotta separate fact from fiction.

Key Takeaways:

  • Vivek Ramaswamy’s X account was hacked, promoting a fake DOGE-USUAL stablecoin partnership.

  • Elon Musk’s DOGE department is tackling inefficiencies in federal spending but has no ties to USUAL.

  • Scammers increasingly exploit high-profile X accounts to push crypto fraud.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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