Paraguay warns of ‘irregular activity’ after post claiming BTC is legal tender

Key Points

  • Paraguay's President Santiago Peña's personal X account posted a claim that Bitcoin was recognized as legal tender and a $5 million BTC reserve was established, but the post was later removed.
  • The official government account on X urged followers to disregard unconfirmed content and stated they are working with the platform to clarify the situation.
  • This incident follows a trend of hackers using social media to spread false cryptocurrency-related information, as seen in past cases involving high-profile accounts.
  • Some Central and South American countries are considering Bitcoin adoption, inspired by El Salvador's 2021 recognition of cryptocurrency as legal tender.

Summary

Paraguay's President Santiago Peña's personal X account recently posted a claim that the country had recognized Bitcoin as legal tender and established a $5 million BTC reserve, even providing a wallet address for investors. However, the post was quickly removed, and the official government account on X urged followers to ignore unconfirmed content, emphasizing that only information from official channels should be trusted. The president's office is collaborating with the social media platform to address the situation. This incident reflects a broader pattern of hackers exploiting platforms like X to spread cryptocurrency scams, as seen in past breaches of accounts belonging to figures like Indian Prime Minister Narendra Modi and the U.S. Securities and Exchange Commission. Meanwhile, some Central and South American nations are reportedly considering Bitcoin adoption, following El Salvador's 2021 move to recognize cryptocurrency as legal tender, though its legal status remains ambiguous after a recent IMF deal. The event underscores the challenges of misinformation in the crypto space and the importance of verifying information through official sources.

cointelegraph
June 10, 2025
Crypto
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