Vivek Ramaswamy’s X account, the co-leader of the US government’s Department of Government Efficiency (D.O.G.E.), was reportedly hacked. The breach led to the dissemination of false information about a purported partnership between D.O.G.E. and stablecoin project USUAL, resulting in a temporary surge in the price of the token.
Through his official account on X (formerly Twitter), Ramaswamy allegedly announced a strategic collaboration between D.O.G.E and USUAL, an issuer of fiat-backed real world asset (RWA) stablecoins.
According to the fraudulent post, the partnership aimed to leverage crypto initiatives to support the Donald Trump administration’s goal of reducing the federal fiscal deficit. It further claimed that the collaboration would enhance governmental transaction efficiency and promote fiscal responsibility.
Fake announcement taken down, USUAL experiences price surge
The announcement quickly drew attention and caused the price of $USUAL to spike by 31.08% to $1.61. Its market capitalization also surged by 38.73% to $720.2 million, although its 24-hour trading volume fell by 7.76% to $1.6 billion, per CoinMarketCap data.
However, the information was soon debunked as false, with Ramaswamy’s team confirming that his account had been hacked. The post was subsequently removed, and the team initiated swift action to regain control.
James Fishback, founder of Invest Azoria, publicly clarified the situation, labeling the partnership claims as a scam. “I just spoke with Vivek. He has been hacked. He is locked out of his account. This is a scam,” Fishback wrote on X.
Vivek’s influence on the government, which involves co-leading D.O.G.E. with billionaire Elon Musk, is likely the reason why hackers targeted his account. He is currently one of the “most watched” personalities, and he is at the center of Trump’s administration critics and supporters.
December mauled with fake Social media crypto promotions
Social media account hacks promoting fraudulent cryptocurrency schemes have become increasingly prevalent. These incidents often exploit public trust to orchestrate pump-and-dump schemes.
Earlier this week, Anthropic’s X account was similarly compromised, with hackers using the platform to promote a fake token called ‘CLAUDE.’
The fraudulent post about CLAUDE claimed the token would incentivize AI and crypto projects and included a wallet address for “investors.” The tweet remained live for approximately 30 minutes before being removed. On-chain data revealed that the attackers collected around $100,000 from speculative investors.
Further analysis showed the hackers purchased 10% of the CLAUDE token’s supply across multiple wallets and quickly dumped their holdings for profit. The scammers had also falsely claimed the token’s focus was on AI agents, capitalizing on the growing interest in AI-related projects.
The Anthropic (Claude) Twitter is likely hacked.
— Adam Cochran (adamscochran.eth) (@adamscochran) December 17, 2024
Don't interact with any links, don't buy the token.
Celebrity Accounts Targeted for Scams
This month, several high-profile figures have also been targeted. Canadian rapper Drake’s X account was compromised on December 15, with attackers promoting a meme coin called Anita. The token, purportedly tied to Drake’s upcoming Anita Max Wynn tour, generated $4.9 million in trading volume within hours, driven by his 39 million followers.
The post claimed the token was developed in collaboration with Stake, a betting platform Drake is known to endorse. The surge in trading volume saw over 7,000 buy orders before blockchain analysts, including Zachxbt, identified the token as a scam.
Other celebrities have experienced similar breaches. Cardi B and Doja Cat’s accounts were hacked in December 2024, while TikTok star Halley Welch, known for her viral “Hawk Tuah” video, is facing lawsuits after promoting the HAWK token.
The token soared to a market cap of over $400 million before collapsing, leaving investors and Welch’s followers with significant losses. Welch has yet to respond to the rug pull allegations.
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