Vivek Ramaswamy, co-leader of the Department of Government Efficiency (DOGE), faced an unexpected cyberattack when hackers gained access to his X account. The hackers posted a fake announcement about a partnership between DOGE and the stablecoin project USUAL. The post claimed the two were teaming up to improve government spending using digital currencies, but it was all a scam.
Fake Partnership That Fooled Many
In the now-deleted post, Ramaswamy’s account announced a supposed alliance between DOGE and USUAL. The post even mentioned using blockchain to make government spending more efficient.
Phrases like “promoting fiscal responsibility” and “achieving economic stability” gave the scam an air of legitimacy.
However, fund manager James Fishback quickly stepped in, exposing the hack. He confirmed that Ramaswamy’s account had been hacked and called the announcement a “complete scam.”
The fraudulent post also linked the alleged partnership to Donald Trump’s fiscal policies and claimed it would streamline federal spending. But all these claims were baseless and were just another trick by scammers trying to take advantage of crypto investors.
Scammers Targeting High-Profile Crypto Figures
This is not the first time hackers have used big names in the crypto world to spread fake news. Scammers often create fake announcements, hoping to mislead people and steal their money.
Recently, there was a lot of talk about a scam involving a meme coin and the Hawk Tuah girl.
Elon Musk’s Real DOGE Plans
Even though the DOGE-USUAL partnership was fake, Elon Musk’s Department of Government Efficiency (DOGE) is working on real goals. Recently, the department found that 80% of the $100 billion spent on federal IT systems goes toward outdated technology.
Musk believes cutting wasteful spending could help reduce inflation. He continues to push for smarter government spending and economic stability through efficient policies.
Usual stablecoin
While the fake post created a buzz, the USUAL stablecoin has been gaining real success. Launched just four months ago, it has already reached a $1 billion market cap, making it the seventh-largest stablecoin.
USUAL’s success comes from its strong reserves. It started with Hashnote, a tokenized money market fund, and now plans to add Ethena’s USDtb stablecoin, backed by BlackRock’s BUIDL fund.
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