Paraguay’s President Santiago Peña’s social media account was compromised, falsely announcing a Bitcoin reserve and legal tender status, which the government promptly refuted.
This incident underscores the increasing cybersecurity risks faced by high-profile figures and the critical need for vigilance in verifying official cryptocurrency announcements.
According to COINOTAG, the government swiftly clarified the misinformation, emphasizing no current plans to adopt Bitcoin as legal tender in Paraguay.
Paraguay’s President’s hacked social media falsely claimed Bitcoin legal tender; government denies, highlighting cybersecurity risks and market resilience.
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On June 9, 2025, Santiago Peña’s official Twitter account was hacked, broadcasting a fabricated announcement about Paraguay establishing a $5 million Bitcoin reserve and launching a national bond program for crypto-enabled citizens. This false claim momentarily stirred speculation within the crypto community and financial markets. However, the Paraguayan government quickly intervened, issuing a formal statement to disavow the unauthorized post and reassure the public that no such initiatives were underway. This prompt response was crucial in preventing misinformation from escalating into broader economic uncertainty.
The government’s official communication stressed that the hacked messages did not reflect Paraguay’s actual policy stance. President Peña explicitly denied the existence of any Bitcoin reserve or legal tender plans, reinforcing the country’s current regulatory framework which does not recognize cryptocurrencies as official currency. This incident highlights the importance of official channels in disseminating accurate information, especially in the volatile crypto sector where rumors can rapidly influence market sentiment. Analysts note that the swift debunking helped maintain investor confidence and market stability.
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Source: https://en.coinotag.com/paraguay-presidents-hacked-bitcoin-announcement-debunked-government-denies-legal-tender-plans/