On Monday, the X account of Paraguay's President, Santiago Peña, fell victim to a cyber attack. The hacked account falsely announced that Paraguay would be adopting bitcoin as a legal tender, establishing a bitcoin reserve, and launching bitcoin bonds.
Additionally, it solicited donations to a bitcoin wallet from potential investors, stating, 'Your investment today will shape the future of this initiative. Claim your share in Bitcoin.' Notably, the message was in English, whereas the president's previous posts were in Spanish. The Presidency of Paraguay's official page promptly responded on X, dismissing the bitcoin information as inaccurate and suggesting that an unauthorized individual may have accessed the president's account. Paraguay has seen significant growth in large-scale bitcoin mining operations, including those operated by HIVE, yet it still lacks a comprehensive regulatory framework for cryptocurrencies, unlike neighboring countries such as El Salvador.