Hacked X Account of Paraguay’s President Promotes Fake Bitcoin Policy and Wallet Holding Only $4

Paraguay’s President’s Social Media Account Hacked With False Bitcoin Claims

The official X account of Paraguay’s President, Santiago Peña, was compromised on Monday, leading to a fraudulent post that falsely announced the South American country had adopted Bitcoin as legal tender.

The unexpected breach sparked concern across social media and government circles, as the hacked message included detailed claims about a new Bitcoin-backed national reserve and investment scheme.

Fake Bitcoin Announcement In English Raised Immediate Doubts

The false post, unusually written in English rather than the president’s usual Spanish, claimed Paraguay had launched a $5 million Bitcoin reserve and introduced bonds linked to the cryptocurrency.

It urged users to send Bitcoin to a specific wallet address, supposedly to measure the scope of this new national initiative.

Observers quickly flagged the message as suspicious due to its promotional tone and language inconsistencies, which stood out against the president’s past communications.

Government Denies Bitcoin Legal Tender Claims Amid Cybersecurity Alert

Shortly after the fraudulent post appeared, the Paraguayan government issued a clear rebuttal through the president’s official channels, stating in Spanish,

“False information. Official statement from the Presidency of the Republic of Paraguay.”

This statement confirmed the Bitcoin claims were false and warned the public to ignore any messages from the compromised account.

The hacker attempted to mask this official response by hiding it beneath the fake announcement, leaving the misleading message visible for some time.

The president also responded, thanking the cybersecurity team and X for their swift action in addressing the breach.

“I express my appreciation to the @CERTpy and @X teams for their quick and professional response to the security incident on my official X account. Cybersecurity is key, and these events show us that we must all contribute to building a safe, reliable, and resilient digital ecosystem.”

Hacker’s Bitcoin Wallet Showed Minimal Activity But Suggested Phishing

Blockchain analysis showed the Bitcoin wallet linked in the scam held only $4 and recorded no further transactions, hinting at a typical phishing attempt rather than a successful theft.

Despite the low activity, the incident raised concerns over the security of high-profile social media accounts and the potential for misinformation to spread quickly.

What Led To The Breach And What Next For Paraguay’s Cybersecurity?

The government described the president’s account as having “irregular activity,” indicating unauthorised access.

Authorities have urged citizens to disregard any posts from the account until the situation is resolved.

Paraguay’s national cybersecurity team has launched an investigation and is cooperating with X to regain control and tighten security.

While Paraguay has become a hub for significant Bitcoin mining operations, including firms like HIVE, it has yet to establish a formal regulatory framework for cryptocurrencies, unlike neighbours such as El Salvador.

This incident underscores the risks posed by cyberattacks amid growing digital currency interest.

Why Was Paraguay Targeted With A Bitcoin Scam?

The choice to fake a Bitcoin adoption announcement may be linked to Paraguay’s increasing association with crypto mining, making the country a plausible target for such scams.

The post even used official government symbols and formatting to appear credible, though no such policies were announced on government websites or by state media.

In a statement to Reuters, officials confirmed the suspicious activity and appealed to the public for patience and caution:

“The president’s official X account has presented irregular activity which suggests possible unauthorized entry.”

The investigation remains ongoing as authorities work to secure the account and prevent similar incidents in the future.