A recent incident involving Vivek Ramaswamy’s X account has emerged, leading to misunderstandings about a purported partnership between DOGE and USUAL stablecoin. The original post claimed that the Department of Government Efficiency (DOGE) was collaborating with USUAL, a notable issuer of fiat-backed stablecoins. However, shortly after this announcement, it was discovered that Ramaswamy’s account had been hacked, prompting the swift removal of the misleading message.
The fake announcement suggested that the DOGE initiative would bolster the fiscal strategies of the Donald Trump administration by reducing the federal fiscal deficit. According to the post, this imaginary partnership aimed to enhance governmental transaction efficiency and promote fiscal responsibility while utilizing cryptocurrency initiatives. It even went on to proclaim that this alliance would help harness the power of digital currencies to support economic growth and financial inclusion.
Regrettably, all of this turned out to be a falsehood, as confirmed by Ramaswamy’s team, who promptly deleted the errant post. James Fishback, founder of Invest Azoria, comments on the situation, stating, “I just spoke with Vivek. He has been hacked. He is locked out of his account. This is a scam.” This incident underscores the vulnerability of high-profile accounts on social media, which are often targeted for promoting fraudulent schemes.
Meanwhile, Elon Musk’s Department of Government Efficiency is focused on significant fiscal reforms, looking to address the $100 billion federal IT budget that largely goes toward outdated systems. Musk has emphasized the need for change, characterizing the current state as a “humongous mess.” He has even suggested that DOGE could potentially help end inflation in the U.S., directly attributing inflationary pressures to government overspending. He boldly stated, “If government waste is stopped, there will be no inflation.”
In this landscape of crypto and government initiatives, it’s vital for users to remain diligent and confirm information, especially as misinformation and scams become increasingly prevalent. Always double-check official announcements and be wary of unusual posts from verified accounts.
