As a seasoned researcher with years of experience in tracking market trends and investigating cybercrimes, this recent turn of events surrounding Vivek Ramaswamy and the Department of Government Efficiency (D.O.G.E.) has caught my attention like never before. The hacking incident and the subsequent misinformation campaign have sent shockwaves through the financial world, with implications that extend far beyond just one man’s X account.
It’s been reported that the account of Vivek Ramaswamy, one of the co-leaders at the recently formed Department of Government Efficiency (D.O.G.E.), has allegedly been breached by hackers.
The assault caused widespread confusion about facts and extreme excitement in the financial markets regarding the four-month-old USUAL digital currency initiative.
False Claims Propel Market Activity
It started with a now-deleted post initially thought to be from Ramaswamy, announcing a “strategic partnership” with USUAL that would leverage cryptocurrency to help reduce the federal government’s fiscal deficit.
Through combining cutting-edge financial methods and streamlining governmental dealings, we think that this alliance will not just boost accountability in finances but also stimulate broader access to financial services,” the statement expressed.
After garnering over 40,000 views, the tweet was subsequently taken down. James Fishback, a well-known fund manager, mentioned that he had conversed with Ramaswamy, who disclosed that his account had been hacked. “He is currently unable to access his account. This is a fraudulent activity,” Fishback explained, referring to the post.
Regardless, it appeared that the misleading statement served its intended purpose, as mentioning ‘USUAL’ in it led to a significant increase in the project’s governance token. CoinGecko data indicates that the cryptocurrency quickly reached a record high (peak) of $1.61 following the fake Vivek post going live, boosting its market cap to approximately $745 million.
Currently, the price has returned to $1.48, representing an 8.4% drop from its all-time high, but this is still a substantial 29.3% increase compared to 24 hours ago. Moreover, there’s been a significant surge in trading activity for this token, with over $1.7 billion worth of transactions conducted since yesterday.
The uptick also came in the wake of USUAL’s stablecoin, Usual USD (USD0), breaching the billion-dollar mark to attain a $1.2 billion market cap. The jump was triggered by the issuer’s announcement that it would diversify the asset’s reserves to include a couple of new virtual currencies, including Ethena’s USDtb and UsualM, an extension of the $M stablecoin.
DOGE Initiative Draws Crypto Community Attention
The Ramaswamy innovation has brought attention to D.O.G.E., a venture that biotech tycoon Ramaswamy manages in partnership with Elon Musk, CEO of Tesla. Although the stated objective of this project is to simplify bureaucratic processes and maximize federal expenditure, its acronym and connection to Musk have sparked curiosity within the cryptocurrency world about possible engagement with digital currencies.
The individual who owns X is frequently vocal about his backing for Dogecoin (DOGE), and on numerous occasions, his statements have triggered significant increases in the digital coin’s price. This trend could potentially have benefited a suspected hacker aiming to capitalize on any upward movement in USUAL’s worth.
At the time of going to press, Ramaswamy had not made any statement regarding the alleged breach.
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2024-12-20 22:56