- The post mentioned that the partnership aims to refine the capability of governmental transactions when publicizing fiscal responsibility.
- The founder of Invest Azoria, Fishback revealed that the details regarding DOGE and USUAL collaboration are completely untrue, and the hackers were encouraging a scam.
- The team has taken swift action on the hack and deleted the post following that.
The Department of Government Efficiency, headed by Elon Musk, has announced its plans to partner with stablecoin issuer USUAL. The announcement was made in a post by Vivek Ramaswamy, the second head of the department along with Elon Musk.
Although, after some time the post was deleted as the X account of the head got hacked. A few minutes ago, Vivek Ramaswamy took X to post that the Department of Government Efficiency (DOGE) has planned a strategic partnership with $USUAL.
$USUAL is a key issuer of fiat-based Real World Asset (RWA) stablecoins with a market capitalization of about $688.94 million. At press time, the token is trading at $1.49 and has increased 27.96% in the last 24 hours.
The false collaboration
The post went on to mention that the collaboration would use crypto initiatives in backing the Donald Trump administration’s target of cutting the federal fiscal deficit.
It also mentioned that the partnership targets to refine the capability of governmental transactions at the time of publicizing fiscal responsibility. The partnership also shows a significant step toward leveraging the possibility of virtual currencies to encourage sustainable economic growth, stability, and financial inclusion, mentioned Ramaswamy.
However, it comes out that this collaboration is completely false, with the X account hack of Vivek Ramaswamy. The team has taken swift action on the hack and deleted the post following that.
The founder of Invest Azoria, Fishback revealed that the details regarding DOGE and USUAL collaboration are completely untrue, and the hackers were encouraging a scam. He mentioned that I just spoke with Vivek. He got hacked and he is logged out of his account. This is clearly a scam.
The responsibilities of the head
DOGE, headed by Ramaswamy and Elon Musk, aims to simplify federal oversight. It has also planned to eliminate nonessential bureaucratic layers. In a statement made in November, President-elect Donald Trump mentioned the objectives of the department saying that Elon and Vivek would be responsible for detaching government bureaucracy, reducing extra regulations as well as wasteful expenditures, and reconstructing federal agencies.”
The Department has not revealed plans to utilize cryptocurrency in its operations.
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