In a troubling development highlighting rising cyber threats in Latin America, the official X (formerly Twitter) account of Paraguayan President Santiago Peña was compromised by hackers promoting a fraudulent Bitcoin investment scheme.
False Claims of Bitcoin Adoption Spark Alarm
On Monday afternoon, a suspicious post appeared on the president’s X account falsely claiming that Bitcoin had been approved as legal tender in Paraguay. The English-language message also misleadingly offered “$5 million in BTC reserves + access to bonds for crypto-enabled citizens,” while the accompanying image in Spanish urged the public to buy government bonds—raising immediate red flags about the authenticity of the message.
The presidency quickly confirmed the post was fake, describing it as a result of “irregular activity” and “possible unauthorised access.”
The misleading post was deleted swiftly, and Paraguay’s cybersecurity agency has launched an official investigation, with social media platforms cooperating to trace the origins of the breach.
Surge in Crypto-Related Scams in Latin America
This incident adds to a growing wave of cryptocurrency scams targeting public figures across Latin America. As Bitcoin’s value surges, so too do fraudulent schemes aiming to exploit public trust in leaders and institutions.
Paraguay has not been immune. 18 hacking incidents targeting government institutions have been reported in the past month alone, according to the Ministry of Communications. Critical agencies, including the civil aviation authority and the Ministry of Justice, were affected—demonstrating the widespread and persistent nature of cyber threats.
This breach is part of a broader cybersecurity crisis facing Paraguay’s digital infrastructure.
Regional Context: Varying Crypto Policies and Risks
While Paraguay distances itself from the fraudulent claims, other nations in the region have taken different approaches. El Salvador made headlines in 2021 by adopting Bitcoin as legal tender and issuing tokenized government bonds. In contrast, Argentina’s president Javier Milei faced backlash for endorsing a failed token, highlighting the volatile intersection between politics and crypto.
Call for Stronger Cyber Defenses
The breach into President Peña’s account reflects an urgent need for enhanced cybersecurity protocols, especially for high-profile public figures. As governments explore blockchain adoption, robust digital security must accompany innovation to protect both public trust and national digital assets