Vivek Ramaswamy’s X Account Hacked to Promote DOGE Collaboration With Stablecoin Project

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

December 19, 2024

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Hackers allegedly breached the X account of Vivek Ramaswamy, co-lead of the newly formed Department of Government Efficiency (DOGE), to spread false information about the department’s collaboration with stablecoin project USUAL.

The Usual stablecoin protocol, launched just four months ago, reached a $1b market cap on Wednesday, and has now become the seventh-largest stablecoin. Its price was last up over 30%, hitting $1.57.

In a now-deleted post, Ramaswamy announced that the DOGE department had partnered with USUAL. He stated that the collaboration aimed to leverage crypto initiatives to help reduce the federal fiscal deficit.

Image Source: @VivekGRamaswamy/X

“We believe that this partnership will not only promote fiscal responsibility but also foster greater financial inclusion,” he wrote.

“Together, we are committed to exploring new avenues that harness the potential of digital currencies to achieve sustainable economic growth and stability.”

However, fund manager James Fishback wrote on X that he had confirmed with Ramaswamy that his account was hacked.

“He is locked out of his account. This is a scam,” he said.

Trump’s DOGE Initiative Targets Bureaucracy Cuts With Musk and Ramaswamy at the Helm

DOGE, led by Ramaswamy and Elon Musk, aims to streamline federal oversight. It also plans to remove unnecessary bureaucratic layers.

In a November statement, President-elect Trump detailed the objectives of the department, stating, “Elon and Vivek will dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies.”

The Department has not announced plans to use cryptocurrency in its operations. However, its name has stirred speculation within the crypto community. Many believe it might hint at promoting digital currency or shaping policy, especially given Musk’s known interest in Dogecoin.