Paraguay President's Social Media Hacked, Bitcoin Hoax Debunked

Paraguay’s President Santiago Peña’s social media account was hacked on June 9, 2025, falsely announcing a Bitcoin reserve and legal tender, which was later debunked by the government.

This incident highlights the vulnerability of high-profile accounts to hacks in the digital age and emphasizes the importance of verifying information before accepting government announcements as legitimate.

Hacker Claims Bitcoin Reserve, Government Denies

Santiago Peña’s Twitter account was hacked to announce Paraguay’s Bitcoin reserve creation.

The government quickly issued a statement confirming unauthorized activity and urged the public to disregard the false Bitcoin legal tender announcement.

The hacked post claiming a “$5 million Bitcoin reserve” and a “national bond program for crypto-enabled citizens” is false and has been unequivocally denied. – Santiago Peña, President of Paraguay

The Paraguayan government stepped in to clarify the misinformation caused by the hack, emphasizing no plans to adopt Bitcoin as legal tender.

Market Reactions: Rumor Dispels Quickly

The hacked announcement suggested a $5 million Bitcoin reserve, causing brief speculation. Official statements dispelled rumors, stabilizing any market reactions. This containment limited broader financial impacts.

Experts suggest rapid identification and debunking of the hoax averted major disruptions, highlighting the resilience of market-watchers. Historical parallels with previous hacks offer a learning curve for improved security measures.

Lessons from High-Profile Social Media Breaches

Previous incidents, such as the 2020 Twitter hack involving high-profile figures, drew attention to social media vulnerabilities and similar misinformation impacts. While momentary confusion occurred, long-term crypto effects were negligible.

Insights from Kanalcoin emphasize strengthening cybersecurity protocols to prevent such breaches. Historical trends confirm quick action in debunking false claims mitigates lasting negative impacts on market stability.

Disclaimer: This website provides information only and is not financial advice. Cryptocurrency investments are risky. We do not guarantee accuracy and are not liable for losses. Conduct your own research before investing.