Paraguay President’s X Hacked, Crypto Scam Follows

On June 9, 2025, Paraguayan President Santiago Peña’s official X account was hacked, falsely announcing that Paraguay had adopted Bitcoin as legal tender, established a $5 million Bitcoin reserve, and was offering bonds to crypto users. The government swiftly denied the claims, confirmed that no such legislation or treasury move had taken place, and urged citizens to disregard the fraudulent posts. The scam message, which included a Bitcoin wallet address, was quickly deleted, with account control restored through joint efforts by Paraguay’s cybersecurity agency and X’s security team. Onchain data confirmed that no funds were sent to the hacker's wallet. The incident is part of a wider trend in 2025, with at least 18 Paraguayan public agencies experiencing cyberattacks. The false news temporarily boosted cryptocurrency prices and led to significant market liquidations, underscoring the risks of misinformation and the volatility of crypto markets.