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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Dec 20, 2024 08:50 UTC
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DOGE-USUAL Partnership Scam Exposed After Ramaswamy’s X Account Hack
Hackers compromised Vivek Ramaswamy's X account and falsely announced a partnership between DOGE and USUAL stablecoin.
Hackers frequently exploit prominent figures and create fake announcements to deceive investors.
Despite the scam, both DOGE and USUAL are experiencing real-world developments.
Vivek Ramaswamy, co-leader of the Department of Government Efficiency (DOGE), became the target of a surprising cyberattack when hackers took over his X account.
What followed was a fake announcement that seemed almost too convincing to be true: a partnership between DOGE and the stablecoin project USUAL aimed at transforming government spending through digital currencies. But as the details unfolded, it quickly became clear that the whole thing was a scam.
Keep reading for the full story.
Fake Partnership That Fooled Many
The now-deleted post from Ramaswamy’s account announced the supposed alliance between DOGE and USUAL, with claims that blockchain technology would make government spending more efficient.
The scammers used phrases like “promoting fiscal responsibility” and “achieving economic stability” to make the announcement sound legitimate.
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 tried to link the fake partnership to former President Donald Trump’s fiscal policies, claiming it would streamline federal spending. These claims were completely false, a tactic used to mislead crypto investors.
Targeting Big Names in Crypto
This incident is just one example of a growing trend in the crypto world, where hackers use well-known names to spread fake news. Recently, there was another scam involving a meme coin and the so-called “Hawk Tuah girl,” further showing the increasing use of scams to trick the public.
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’s Booming Success
Although the DOGE-USUAL partnership was fake, USUAL itself is having real success. Launched just four months ago, the stablecoin has already reached a $1 billion market cap, making it the seventh-largest stablecoin in the market.
Its success is driven by strong reserves, starting with Hashnote, a tokenized money market fund. USUAL also plans to add Ethena’s USDtb stablecoin, backed by BlackRock’s BUIDL fund.
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Though the scam was exposed, the lessons it leaves behind are clear: always question, always verify.
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