Paraguay President’s X Account Hacked in Suspected Bitcoin Scam

Arry Hashemi

Jun. 10, 2025

The official X account of Paraguayan President Santiago Peña was compromised, leading to the publication of a fraudulent message falsely claiming that Paraguay had adopted Bitcoin as legal tender and created a national Bitcoin reserve. The message urged followers to invest by sending funds to a designated cryptocurrency wallet—a hallmark tactic of social media-based phishing scams.

Paraguay hasn’t adopted Bitcoin as legal tender but has attracted crypto attention for its hydropower and growing mining interest. (Shutterstock)

The misleading post, written in English rather than the president’s usual Spanish, declared that Paraguay officially recognizes Bitcoin as legal tender and promoted what it called the Bitcoin National Treasury Reserve Fund, allegedly seeded with $5 million in government-held BTC. It was promptly deleted within hours, but not before being widely shared and scrutinized by crypto-watchers and national media.

The president thanked Paraguay’s Cyber Incident Response Team and X for their swift and professional handling of the security breach involving his official account.

Source: President Santiago Peña on X

This is not the first time high-profile political figures have been targeted in crypto-related social media scams. Similar tactics were seen in previous years, including the 2020 coordinated Twitter hack that affected the accounts of Barack Obama, Elon Musk, and Joe Biden. In that case, hackers also posted Bitcoin wallet addresses and encouraged users to send funds in return for larger payouts—none of which were delivered.

While Paraguay has not adopted Bitcoin as legal tender—unlike El Salvador in 2021—the country has been under the spotlight in crypto circles due to its vast hydropower resources and rising interest from Bitcoin miners. The Itaipu Dam, one of the world’s largest, supplies abundant low-cost electricity—making the country especially attractive for energy-intensive mining operations. However, local authorities have warned repeatedly about the risks of unregulated investment schemes tied to digital assets.

As of now, there is no indication that any individuals sent funds to the wallet in the scam post, but officials warn that damage may have occurred indirectly through misinformation.

This incident has drawn attention to ongoing concerns about social media platform X’s handling of account security, especially in non-English-speaking regions. Some cybersecurity experts have suggested that additional safeguards may be needed for verified government and institutional accounts.

While the digital footprint of the scam appears small, the political and security implications are far-reaching. In an era where digital miscommunication can trigger economic and diplomatic consequences, the incident in Paraguay serves as a potent reminder of the stakes involved.