UNKNOWN

DECEMBER 2024

GLOBAL

VIVEK RAMASWAMY

DESCRIPTION OF EVENTS

Vivek Ganapathy Ramaswamy, born August 9, 1985, in Cincinnati, Ohio, is an American entrepreneur and politician. He founded Roivant Sciences in 2014 and later co-founded Strive Asset Management. Ramaswamy announced his candidacy for the 2024 Republican presidential nomination but suspended his campaign in January 2024, endorsing Donald Trump. He is known for his criticism of "new secular religions" like COVID-ism and gender ideology and his opposition to environmental, social, and corporate governance initiatives. Ramaswamy holds degrees from Harvard University and Yale Law School, and his wealth, estimated at over $960 million in 2024, stems from biotech and financial ventures.

 

"Ramaswamy, recently appointed co-leader of the newly established Department of Government Efficiency (DOGE), had been gaining attention for his role alongside Tesla CEO Elon Musk. The department is focused on reducing inefficiencies within federal processes, particularly in IT infrastructure. Ramaswamy, a well-known figure in tech and biotech, was also poised to drive innovation in the public sector."

 

Some speculated that the hacker might have intended to capitalize on the attention surrounding Musk and the D.O.G.E. project to drive up the value of USUAL.

 

"Despite the post’s brief existence, it had immediate financial repercussions. The price of USUAL, a relatively unknown stablecoin, surged by nearly 35%, with its market capitalization jumping by 37%. Concerns arose about market manipulation or a reaction to the false news, with crypto traders rushing to capitalize on the sudden spike.

 

The post was widely shared before it was taken down. One Twitter account, Magacoin, posted a screenshot of the now-deleted tweet, which read: “BREAKING: Suspicions arise as Vivek Ramaswamy’s Twitter account, co-leader of the US govt’s DOGE efficiency dept, seems hacked.”

 

No official statements have been released yet from Ramaswamy or the US government. The incident is under investigation, with cybersecurity experts working to determine how the breach occurred and to ensure that further security measures are implemented."

 

"Vivek Ramaswamy’s X (formerly Twitter) account was hacked today, causing a stir online with a fraudulent post claiming a partnership between the US Department of Government Efficiency (DOGE) and the stablecoin issuer USUAL. The post, which promised to address the federal fiscal deficit and promote digital currencies for economic stability, was quickly deleted after Ramaswamy’s team identified the breach."

 

"While the DOGE-USUAL stablecoin partnership was fake, the real focus remains on Elon Musk’s DOGE initiatives. The Department of Government Efficiency (DOGE) has been actively working on reducing inefficiencies within the US government. Recently, it highlighted that 80% of the $100 billion annual IT budget is spent on maintaining outdated systems. Musk, known for his outspoken views on government overspending, has argued that eliminating waste could help curb inflation, aligning with his broader vision for fiscal efficiency. Though the DOGE-USUAL partnership was a hoax, the DOGE department’s ongoing efforts to reduce government spending and modernize federal processes continue to attract significant attention. In a volatile crypto market, experts urge caution and advise investors to differentiate fact from fiction."

 

Explore This Case Further On Our Wiki

The hack promoted a fake partnership between the Department of Government Efficiency (DOGE) and the stablecoin issuer USUAL. This led to a significant but short-lived spike in the value of USUAL before the post was deleted and cybersecurity experts confirmed it was a scam.

Sources And Further Reading

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