Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Key Takeaways:
- Paraguay’s President Santiago Peña experienced a breach of his official X account, resulting in the dissemination of a false statement regarding Bitcoin.
- The wording and substance of the post raised immediate concerns among observers, prompting a quick clarification from the Paraguayan government.
- On-chain analysis indicated that the associated wallet contained minimal funds and showed no activity, implying a phishing attempt.
Paraguay’s President, Santiago Peña, has become the latest prominent individual to be targeted by a social media hack, with his official X account being compromised on Monday.
This breach led to a fabricated announcement asserting that the nation had recognized Bitcoin as legal tender.
Paraguay Refutes Bitcoin Legal Tender Assertion Following Presidential Account Breach
The message, unusually composed in English instead of Spanish, proclaimed that Paraguay had designated Bitcoin as an official currency. It also alleged that the government had established a $5 million BTC reserve and initiated a bond program for “crypto-enabled citizens.”
The post encouraged individuals to send any amount of Bitcoin to a wallet address, ostensibly to assess the scale of a national implementation.
https://twitter.com/SantiPenap/status/1932125390153396541
Observers promptly identified the message as dubious. Many remarked that the language and style were inconsistent with prior communications from the president, who typically posts in Spanish.
Shortly after the post was published, the platform flagged the account for “irregular activity,” according to an additional report.
The Paraguayan government quickly provided an official response. The presidential account shared a message in Spanish stating:
“Información falsa. Comunicado oficial de la presidencia de la República del Paraguay.” This announcement confirmed that the Bitcoin claim was untrue.
Comunicado oficial. pic.twitter.com/Bk3XI6ohpp
— Presidencia Paraguay (@PresidenciaPy) June 9, 2025
However, the hacker attempted to obscure the government’s warning by placing the official response beneath the scam post. The fraudulent message remained active for a period, potentially misleading unsuspecting users.
On-chain data indicated that the wallet address provided by the hacker contained only $4 and had not recorded any transactions since the announcement. Despite the low activity, the nature of the post resembled a typical crypto phishing scheme.
Related Posts
Authorities urged the public to disregard any posts from the president’s account until further notice. Paraguay’s national cybersecurity team has initiated an investigation and is collaborating with X to address the incident and regain control of the account.
“We request citizens to ignore any messages from the presidential account until we verify its security,” the government stated.
Ongoing Crypto Scam Wave Targets Political and Industry Figures Across Latin America
The hacking of Paraguayan President Santiago Peña’s official X account contributes to a growing series of high-profile social media breaches, many of which have focused on the crypto sector and public figures to disseminate misinformation and scams.
In the past year, threat actors have increasingly utilized X for crypto-related phishing attacks.
In May 2025 alone, the X accounts of Ethereum Layer-2 project ZKsync and its developer Matter Labs were compromised.
@zksync & @the_matter_labs official X accounts hacked to post fake SEC alerts & phishing airdrops—ZK token drops 5%.#zksync #sec #phishinghttps://t.co/j4Yx6HHaob
— Cryptonews.com (@cryptonews) May 13, 2025
Hackers disseminated false messages claiming the protocol was under investigation by U.S. authorities and shared phishing links disguised as airdrops.
Around the same time, the New York Post’s account was hijacked to impersonate journalists and entice crypto users into fake podcast offers via Telegram.
Earlier in the year, Canadian regulators also flagged fraudulent articles featuring political endorsements used to promote crypto scams.
State-sponsored hackers from the Lazarus Group have also posed as venture capitalists in fake Zoom meetings to steal users’ private keys.
Paraguay has shown no inclination to follow El Salvador’s 2021 decision, which remains in a legal gray area following an IMF agreement reached in late 2024.
Meanwhile, Paraguay’s crypto landscape is under strain. As Bitcoin mining gains momentum, due to the country’s hydroelectric surplus, regulatory tensions are escalating.
Industrial stakeholders caution that new electricity rates could drive miners away.
With over 10,000 illicit mining rigs confiscated in 2024 and rising tensions surrounding mining regulations, the misuse of official platforms for misinformation poses a significant threat to public understanding in an already unstable sector.
The post Paraguayan President’s X Account Hacked – False Bitcoin Legal Tender Announcement Posted appeared first on Cryptonews.
