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Vivek Ramaswamy’s X Account Allegedly Hacked, Leads to USUAL Price Surge
A recent incident has sent shockwaves through the cryptocurrency market as it emerged that Vivek Ramaswamy’s X account had been allegedly hacked. The alleged breach led to a massive surge in the price of USUAL, a four-month-old stablecoin project.
The hack was initially reported by prominent fund manager James Fishback, who claimed that he had spoken with Ramaswamy and confirmed that the tweet announcing a “strategic partnership” between Ramaswamy’s Department of Government Efficiency (D.O.G.E.) initiative and USUAL was in fact a scam. The tweet, which was later deleted, stated that the partnership would leverage cryptocurrency to help reduce the federal government’s fiscal deficit.
The false announcement seemed to have achieved its intended effect, with the USUAL governance token skyrocketing to an all-time high of $1.61, resulting in a market capitalization of nearly $745 million. The price surge was followed by a retracement to $1.48, which is still 29.3% higher than 24 hours prior.
In addition to the sudden price increase, trading volume also saw a significant spike, with $1.7 billion worth of transactions occurring within the last day. This development comes as USUAL’s stablecoin, Usual USD (USD0), has broken through the billion-dollar market capitalization mark by reaching a valuation of $1.2 billion.
The hacking incident has brought attention to D.O.G.E., an initiative led by Ramaswamy and Tesla CEO Elon Musk. While the project’s stated mission is focused on reducing bureaucratic red tape and optimizing federal spending, its acronym and association with Musk have piqued speculation within the cryptocurrency community regarding potential involvement with digital currencies.
It remains unclear whether Ramaswamy has made any official statements regarding the alleged breach. The incident highlights the growing need for increased security measures in the cryptocurrency space to protect users’ assets from malicious actors.
Source: cryptopotato.com
