Paraguay Bitcoin Scare: Hacked Tweet Sparks Confusion

Paraguay Bitcoin Scare: Hacked Tweet Sparks Confusion

A false announcement declaring Bitcoin legal tender in Paraguay emerged on Monday from a suspected hack of President Santiago Peña's X account. The tweet, which has since been removed, claimed Bitcoin would be integrated into the national financial system alongside the Guaraní, and mentioned a $5 million Bitcoin reserve and a national bond program for crypto-enabled citizens. This prompted immediate concerns and an official investigation.

Key Takeaways

• A suspected hack of the Paraguayan President's X account resulted in a false announcement about Bitcoin becoming legal tender.
• The fake announcement was identified due to irregularities such as unusual decree formatting and absence from official government channels.
• Paraguay officials confirmed irregular activity on President Peña’s X account.

Several red flags raised immediate doubts about the authenticity of the announcement. These included its absence from official government websites and local media outlets, non-standard decree formatting, and the unusually promotional language aimed at investors.

The purported official decree, featuring the Paraguayan coat of arms, lacked the expected level of formality and detail. The swift official denial further confirmed the suspicion of a hack.

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This situation underscores the critical need for verifying information from official sources. Always exercise caution when encountering such announcements and consult trusted news outlets and government websites for accurate information.

This is a developing story.