Vivek Ramaswamy’s X account was hacked, posting a fake DOGE-USUAL collaboration.
The false news led to a 35% surge in USUAL stablecoin’s price, reaching $1.60.
Vivek Ramaswamy, co-leader of the U.S. Department of Government Efficiency (DOGE), had his X account hacked today. The incident confused and triggered a surge in the price of the USUAL stablecoin. The account posted a false claim about a partnership between DOGE and USUAL.
BREAKING: Suspicions arise as Vivek Ramaswamy's Twitter account, co-leader of the US govt's DOGE efficiency dept, seems hacked. @VivekGRamaswamy @elonmusk pic.twitter.com/ZsGxU2dWXe
— Magacoin (@MAGAPatriotCoin) December 20, 2024
The now-deleted post announced a strategic collaboration to reduce the federal fiscal deficit. It stated that DOGE would work with USUAL, a fiat-backed stablecoin, to promote financial inclusion. However, the message was quickly identified as a scam. James Fishback, founder of Azoria, confirmed the hack. Fishback tweeted,
“I just spoke with Vivek. He has been hacked. He is locked out of his account. This is a scam.”
The Hack Triggers USUAL Token Surge
The fake announcement had a significant market impact. USUAL’s price surged over 30%, reaching $1.57 before stabilizing. The stablecoin’s market capitalization grew by 37% to $722.06 million. Its 24-hour trading volume hit $1.59 billion but later dropped by 11%. The sudden price movement raised concerns about market manipulation.
The U.S. Department of Government Efficiency, led by Ramaswamy and Elon Musk, aims to streamline federal processes. The department has not officially announced plans to integrate cryptocurrencies. Speculation around DOGE’s name has fueled crypto-related rumors. Musk’s known interest in Dogecoin adds to the speculation.
Cybersecurity experts are investigating the breach. The incident highlights the risks of hacking high-profile accounts. Ramaswamy’s team is working to enhance account security. There has been no official statement from Ramaswamy or DOGE about the hack.
This event also underscores vulnerabilities in social media platforms. Scams involving hacked accounts have become common. Hackers often use fake posts to manipulate crypto markets. The incident with Ramaswamy’s account is the latest example.
USUAL, launched four months ago, is now the seventh-largest stablecoin. Despite the controversy, it has reached a $1 billion market cap. The stablecoin’s rise reflects growing interest in fiat-backed digital assets. However, today’s events show the potential risks of market misinformation.
Highlighted Crypto News TodayCryptopia Exchange Commences Fund Recovery for Hack Victims
