TLDR

Paraguay President Santiago Peña’s X account was hacked to falsely claim Bitcoin became legal tender
The fake post announced a $5 million Bitcoin reserve fund and included an official-looking government decree
Paraguay’s official government account quickly warned users the information was false
The scammer included a wallet address asking for funds but only received $4 total
Authorities are investigating and warned citizens to ignore suspicious links from any account

Paraguay President Santiago Peña became the latest victim of cryptocurrency-focused social media hacking. His official X account was compromised Monday to spread false claims about Bitcoin adoption.

The social media account of Paraguayan President Santiago Peña appears to have been compromised, with a post claiming that Bitcoin has been declared legal tender in Paraguay and that a $5 million BTC reserve has been established as part of the national treasury. However, on-chain…

— Wu Blockchain (@WuBlockchain) June 9, 2025

The fake post claimed Paraguay had declared Bitcoin legal tender. It announced the creation of a $5 million Bitcoin-backed reserve fund.

The hacker created what appeared to be an official government decree. The post included Paraguay’s national coat of arms and professional formatting to appear legitimate.

The scammer went further by requesting public participation. Citizens were urged to send funds to a provided wallet address with promises of bond access.

Government Response and Warning

Paraguay’s official presidential account quickly responded to the false information. The government issued a warning in Spanish stating the post contained false information.

Información falsa. Comunicado oficial de la presidencia de la República del Paraguay. pic.twitter.com/AQfpLQ3idY

— Presidencia Paraguay (@PresidenciaPy) June 9, 2025

The response included an official statement from the presidency. Officials urged citizens to disregard the fake announcement entirely.

The hacker attempted to hide replies from the verified government account. This tactic was designed to prevent users from seeing the warning about the scam.

Government officials described the incident as “irregular activity” on the president’s account. They suggested unauthorized access had occurred.

Authorities advised citizens to wait for verified information through official channels. No confirmation appeared on government websites or state-run media outlets.

The post was quickly deleted after being flagged as fraudulent. Paraguay has never announced plans to adopt Bitcoin as legal tender.

Limited Success for Scammer

On-chain data reveals the scam’s minimal impact. The wallet address provided in the fake post received virtually no funds.

The scammer’s wallet currently holds only $4. No new transactions have been recorded since the fake announcement went live.

The promotional tone of the post raised immediate suspicion. Formatting inconsistencies also helped identify the content as fraudulent.

Countries like El Salvador have legitimately adopted Bitcoin as legal tender. Paraguay has made no previous announcements about cryptocurrency adoption.

Social media hacks targeting influential figures for crypto scams are increasing. The incident highlights the need for verification of major cryptocurrency announcements.

Paraguayan authorities have opened an investigation into the breach. They have not provided details about who accessed the account or how the hack occurred.

The post Paraguay President’s Account Hacked in Bitcoin Legal Tender Scam appeared first on CoinCentral.

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Filed under: News - @ June 10, 2025 9:26 am