A false announcement claiming Paraguay had adopted Bitcoin as legal tender was posted from President Santiago Peña’s hacked X account, prompting swift clarification from the government and raising concerns over digital platform vulnerabilities.
A fraudulent post from Paraguayan President Santiago Peña’s personal X account caused a brief stir across the cryptocurrency world on Monday. The post, written in English, falsely declared that Paraguay had made Bitcoin legal tender and had established a $5 million BTC reserve, even including a wallet address for alleged “investment” purposes.
The post read,
“Investors: your investment today will determine the scale of this rollout. Secure your stake in Bitcoin.”
This messaging marked a stark departure from Peña’s typical posts, which are almost exclusively in Spanish.
The excitement surrounding the announcement was short-lived. Paraguay’s presidential office quickly issued a statement from its official X account, confirming that the president’s personal account had been accessed by an unauthorized party. Citizens were urged to disregard any unverified posts from Peña’s profile until the matter was resolved.
The presidential office noted it was working with X to “clarify the situation” and reminded the public that only information disseminated through verified government channels should be trusted.
Hours after the fraudulent post was taken down, President Peña addressed the breach in a new message from his restored account. He thanked both Paraguay’s Cyber Incident Response Team (CERTpy) and X’s internal security team for their role in handling the incident:
“I express my appreciation to the CERTpy and X teams for their quick and professional response to the security incident on my official X account. Cybersecurity is key, and these events show us that we must all contribute to building a safe, reliable, and resilient digital ecosystem.”
As of publication, the misleading post had been deleted while the government’s statement remains live on the platform.
The incident highlights ongoing concerns about the use of social media platforms like X.com as vectors for crypto scams. High-profile figures have frequently been targeted by hackers to promote false crypto announcements. In 2021, Indian Prime Minister Narendra Modi’s account was similarly compromised to claim that India had adopted Bitcoin as legal tender. In another case, the U.S. SEC’s X account was breached earlier this year through a SIM-swap attack that led to the false announcement of BTC ETF approvals.
Although Paraguay has attracted notable Bitcoin mining activity, particularly from firms like HIVE, the country has not taken formal steps toward adopting Bitcoin as legal tender. Unlike El Salvador, which did so in 2021 under President Nayib Bukele, Paraguay has yet to establish a comprehensive crypto regulatory framework. The false post coincided with renewed regional discussions on digital assets, spurred in part by El Salvador’s ongoing Bitcoin experiment and its complex negotiations with the International Monetary Fund.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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