On June 9, 2025, the official X (formerly Twitter) account of Paraguayan President Santiago Peña was reportedly hacked and used to promote a fake BTC investment scheme. The fraudulent post falsely claimed that Paraguay had adopted Bitcoin as legal tender and announced the launch of a $5 million national Bitcoin reserve fund. The message also urged citizens to contribute funds, giving the illusion of a legitimate government-led crypto initiative.
The government of Paraguay swiftly responded by confirming that the president’s account had been compromised. Officials stated that the information shared was entirely false and warned the public not to engage with the links or addresses included in the hacked post. A formal investigation was immediately launched in coordination with the X platform’s cybersecurity team.
This incident has sparked serious concerns about the rising trend of high-profile social media hacks, especially when used to spread crypto-related misinformation. Paraguay, being a hotspot for Bitcoin mining operations due to its inexpensive hydroelectric power, is particularly vulnerable to such exploitation. However, the country has yet to implement a comprehensive regulatory framework for digital assets, making the situation even more delicate.
The hacked post was carefully crafted to resemble a real government announcement, using the president’s verified account to gain public trust. This is a classic example of a social engineering scam, where attackers manipulate people into taking harmful actions—in this case, sending cryptocurrency to an unknown wallet.
As the crypto space continues to grow, so does the sophistication of scams targeting both individuals and institutions. This event serves as a critical reminder to always verify news through official sources and to remain vigilant against suspicious crypto promotions, especially those shared through hacked or impersonated accounts.