Yeliz Akmaca 
On June 9, 2025, the X account of Paraguay’s President Santiago Pena was hacked. A fake announcement was posted, claiming that Paraguay had adopted Bitcoin as legal tender. The hackers also declared that the country would establish a Bitcoin reserve and issue Bitcoin bonds. Moreover, they urged investors to send donations to a specific Bitcoin wallet.
Bitcoin Fraud in Paraguay
The official X account of the Presidency of the Republic of Paraguay swiftly issued a statement, denying the claims and clarifying that unauthorized individuals had taken control of the president’s account.
While Paraguay hosts large-scale Bitcoin mining operations by companies such as HIVE, it lacks comprehensive cryptocurrency regulations—unlike El Salvador. This regulatory gap makes Paraguay an attractive target for cybercriminals, who exploit it by spreading fake announcements aimed at undermining investor trust.
Comunicado oficial. pic.twitter.com/Bk3XI6ohpp
— Presidencia Paraguay (@PresidenciaPy) June 9, 2025
Within hours, government officials addressed the public, confirming that President Pena’s account had been hacked and that the posts were false. Authorities stated that the aim was to deceive crypto investors. Paraguay’s National Cybersecurity Team has launched an investigation and initiated direct communication with X. Meanwhile, Bitcoin’s price surged to $109,000 following the fake announcement.
These types of cyber attacks are showing an increasing trend worldwide. For example, in 2020, the X accounts of celebrities like Elon Musk, Bill Gates, and Barack Obama were hacked to conduct Bitcoin scams. Most recently, in May 2025, the X accounts of Ethereum Layer-2 projects such as ZKsync and Matter Labs were hacked to carry out fake SEC announcements and airdrop scams.
The hackers’ objective was clear: to exploit a low-regulation country and use false official statements to mislead investors. Officials have not yet disclosed how much money was sent to the Bitcoin wallet, but they acted quickly to contain the incident.
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