The X (formerly Twitter) account of Paraguay’s President Santiago Peña was compromised by hackers who posted a false announcement declaring Bitcoin as legal tender within the country. The fraudulent post included fabricated details, such as an alleged national reserve of $5 million in Bitcoin and a specific wallet address, attempting to lure citizens into participating in a scam.
The dissemination of this misinformation caused a brief surge in Bitcoin’s market price, which peaked at $109,000 before rapidly correcting as the scam became widely recognized. The volatility highlighted the crypto market’s continued susceptibility to unverified news and social media manipulation.
The Paraguay Presidency’s official X account swiftly intervened, posting a clear denial that any such policy had been adopted and explicitly warning citizens against interacting with the phishing attempt or the provided wallet address. Authorities confirmed the President’s legitimate account had been hacked.
This incident underscores persistent cybersecurity threats targeting government officials and the potential for misinformation to cause significant market disruption. Authorities are actively investigating the source of the hack with the intent of pursuing legal action against those responsible.