- Unauthorized post falsely claimed Bitcoin would be made legal tender in Paraguay.
- Government confirmed no plans to legalize Bitcoin.
- No direct market effects were reported from the incident.
Paraguay President Santiago Peña’s official X account was compromised on June 9, 2025, posting a false statement about Bitcoin legalization, which was quickly disavowed by the government.
The incident highlights the vulnerability of high-profile social media accounts and underscores the potential for misinformation in the crypto space.
Paraguayan President Santiago Peña’s X account was hacked, issuing false claims about adopting Bitcoin as legal tender and setting up a $5 million reserve. The government immediately confirmed the breach and dismissed the announcement. Previous statements from Paraguayan officials emphasized that there were no plans to legalize Bitcoin despite the country’s recognized Bitcoin mining activities. Government channels urged caution and reliance on verified information. This event was officially confirmed by the government’s statement, accessible through their official Twitter update.
The event, part of a series of hacks targeting significant figures in the crypto world, had no real impact on financial markets. Paraguay’s move to quash the unauthorized post reassured stakeholders, ensuring no changes in crypto policy or market strategy. This incident serves as a reminder of the necessity for robust security measures around influential digital accounts. Recent discussions in the crypto community have also urged enhanced protective measures for social media platforms. Historical data shows that while misinformation may cause temporary confusion, it seldom leads to long-term market disruption.
The president expressed concern:
“The president’s official X account has presented irregular activity which suggests possible unauthorized entry. We urge citizens to disregard the post and wait for verified information.”
