At midnight on June 10, 2025, Paraguayan President Santiago Peña's X account posted a tweet that stirred significant excitement in the crypto universe. However, the information turned out to be fake.
Content of the Paraguayan President's Tweet
The tweet claimed that Paraguay had officially approved Bitcoin as legal tender and that a $5 million reserve in BTC had been established. A wallet address was included, raising suspicions among users who flagged it as a potential scam.
Market Reaction to the Fake News
Despite the quick deletion of the tweet, its release caused Bitcoin to spike over 4%, reaching a peak of $110,450. Other tokens also experienced temporary increases. This price movement coincided with other bullish market signals, including US-China trade negotiations.
History of Hacked Accounts in Crypto
This incident is not unique; previous years have seen high-profile accounts hacked to manipulate the market. In 2020, accounts of notable figures like Barack Obama and Elon Musk were hijacked for crypto scams. The wallet address linked in the Paraguay tweet reportedly contained only $4, suggesting its aim was to influence the market rather than to steal.
This incident highlights the sensitivity of the crypto market to misinformation and the need for caution when interpreting news. The market remains highly reactive, raising concerns about its maturity.
