Vivek Ramaswamy Usual Money Partnership Twitter/X Post

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Vivik Ramaswamy Tweet And Iowa Rally

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.[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23]

About Vivek Ramaswamy

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."

About Usual Money

Usual is a decentralized, fiat-backed stablecoin issuer designed to transform the stablecoin landscape by redistributing ownership and value through its $USUAL token. It aggregates tokenized Real-World Assets (RWAs) from major entities like BlackRock and Ondo to create a secure, permissionless, and composable stablecoin infrastructure. Unlike traditional models like Tether, Usual offers more transparency, security, and a bankless account system. It also features USD0++, a collateralized, dollar-pegged token backed by assets like U.S. Treasury bills, though with a four-year lock-up period for staking. Usual aims to give users more control and better opportunities by rebuilding stablecoin infrastructure fully on-chain.

The Reality

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

  • When the service was actually started (if different than the "official story").
  • Who actually ran a service and their own personal history.
  • How the service was structured behind the scenes. (For example, there was no "trading bot".)
  • Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

Vivek Ramaswamy's Twitter/X account was compromised and used to promote a fake partnership between DOGE (Department of Government Efficiency) and Usual Money, a stablecoin issuer.

Key Event Timeline - Vivek Ramaswamy Usual Money Partnership Twitter/X Post
Date Event Description
December 19th, 2024 4:46:00 PM MST Last Post Prior To Breach The last post by Vivek which has remained active from before the suspected hack time.
December 19th, 2024 9:26:00 PM MST Partnership Promotion Posted A post on Vivek's account outlines a partnership between the DOGE (Department of Government Efficiency) and the Usual Money stablecoin.
December 19th, 2024 9:34:00 PM MST James Fishback Posts Tweet Azoria CEO James Fishback reports that he just talked with Vivek and his Twitter/X account was hacked. Vivek does not currently have access to the account.
December 19th, 2024 10:58:06 PM MST The Crypto Times Article
December 20th, 2024 2:15:00 AM MST Times Of India Article A Times Of India article is published reporting that Vivek Ramaswamy's X (formerly Twitter) account was hacked, leading to a fraudulent post about a fake partnership between the U.S. Department of Government Efficiency (DOGE) and the stablecoin issuer USUAL. The post claimed the collaboration would address the federal fiscal deficit and promote digital currencies for economic stability. The announcement also suggested it would streamline government transactions and encourage fiscal responsibility. Cybersecurity experts quickly identified the post as a scam, and it was deleted shortly after being shared. The incident caused a brief surge in USUAL's value, but there was no actual partnership. The hack is reportedly still under investigation.
December 20th, 2024 9:50:00 AM MST First Post After Breach The first post by Vivek after regaining account access. The incident is not mentioned.
December 20th, 2024 12:55:49 PM MST CryptoPotato Article Published CryptoPotato publishes an article about the hack. The CryptoPotato article delves deeper into the market reaction, including the price surge and trading volume increase. It also touches on the wider implications of the hack, including the speculation around D.O.G.E.’s potential ties to digital currencies and the crypto community's response.

Technical Details

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.

Total Amount Lost

The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

"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."

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

"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."

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.

References

  1. ↑ @j_fishback Twitter (Accessed Jan 29, 2025)
  2. ↑ @VivekGRamaswamy Twitter (Accessed Jan 29, 2025)
  3. ↑ @VivekGRamaswamy Twitter (Accessed Jan 29, 2025)
  4. ↑ @VivekGRamaswamy Twitter (Accessed Jan 29, 2025)
  5. ↑ @VictoriaYeage11 Twitter (Accessed Jan 29, 2025)
  6. ↑ [https://www.bitmanx.io/channel/43091480 wtf https://x.com/VivekGRamaswamy/status/18699625 - 비트맨X - 텔레그램 : 비트코인 ETF | 코인 텔레그램 정보] (Accessed Jan 29, 2025)
  7. ↑ Vivek Ramaswamy's X account hacked, promotes fake USUAL partnership amid crypto surge | World News - Times of India (Accessed Jan 29, 2025)
  8. ↑ Vivek Ramaswamy's X Account Allegedly Hacked, Leads to USUAL Price Surge (Accessed Jan 29, 2025)
  9. ↑ @snipegurusolvol Twitter (Accessed Jan 29, 2025)
  10. ↑ Next-Gen Solana Explorer (Accessed Jan 29, 2025)
  11. ↑ @BondedPump Twitter (Accessed Jan 29, 2025)
  12. ↑ Pump (Accessed Jan 29, 2025)
  13. ↑ @YutiBot Twitter (Accessed Jan 29, 2025)
  14. ↑ https://www.cryptotimes.io/2024/12/20/vivek-ramaswamys-x-acc-hacked-promotes-usual-stablecoin/ (Accessed Jan 29, 2025)
  15. ↑ MSN (Accessed Jan 29, 2025)
  16. ↑ Vivek Ramaswamy’s X account hacked to promote fake crypto partnership (Accessed Jan 29, 2025)
  17. ↑ @MarioNawfal Twitter (Accessed Jan 29, 2025)
  18. ↑ @StudyL8te Twitter (Accessed Jan 29, 2025)
  19. ↑ @AllApol90253644 Twitter (Accessed Jan 29, 2025)
  20. ↑ @WayneVaughan Twitter (Accessed Jan 29, 2025)
  21. ↑ @coinacademy_fr Twitter (Accessed Jan 29, 2025)
  22. ↑ @iamchrisani Twitter (Accessed Jan 29, 2025)
  23. ↑ @wiseadvicesumit Twitter (Accessed Jan 29, 2025)
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