A tweet, hackers and bitcoin price increase: What happened?
On June 10, 2025, around 00:53 GMT, the X account of verified Paraguay President Santiago Peña released something that made the crypto world buzz.
Now deleted tweet says Paraguay has Officially approved Bitcoin as fiat currency. It added that President Penia has signed $5 million in Bitcoin (BTC) reserved and Bond Visit Used for citizens who support encryption. It also contains a wallet address that encourages users Shares BTC.
The tweet was written in English, which was a strange choice for the president to speak Spanish, but did not stop speculation and move forward. The post includes a wallet address and a call that many crypto users immediately marked as suspicious.
Within minutes, the official Paraguay government account (@presidenciapy) release Correction: The president’s account has been compromised and the information is wrong. The post was quickly deleted, but at least the damage to market sentiment has been completed.
did you know? Paraguay’s crypto boom has a criminal undercurrent; illegal mining farms are stolen from up to $60,000 in electricity each month, including thousands of machines Captured In 2024, a nationwide police raid.
Price Reaction: BTC above $110K
In a highly speculative crypto world, even positive news can make prices fly. The idea of another country adopting Bitcoin as a fiat tender is enough to spark market enthusiasm after El Salvador’s 2021 move.
Despite being a scam, the tweet caused BTC to peak by more than 4%, with the tweet having a local high of $110,450 based on total trading data on major exchanges. At the time, it was one of the highest intraday price gains this quarter.
Several other top tokens have also seen temporary improvements:
Importantly, this upward movement is not only because of Paraguay News. There is a convergence of bullish signals, including ongoing Trade talks between the United Statesthis provides a macroeconomic backlash for risky assets.
In addition, other simultaneous developments, such as the Clarity Act, the Bipartisan American Act, clarifies the regulatory authority over digital assets, the main oversight of the CFTC, the main oversight of the CFTC, pass During the fake tweet, the House Agriculture and Financial Services Committee was all in the future, with Gemini and Coinbase mainly communicating. put To obtain mica license, strengthen the confidence of institutions in the European regulatory framework.
did you know? The Valid Market Assumption (EMH) says that asset prices immediately reflect all available information. However, the crypto market often defy This is, as seen when Paraguay’s fake tweets rose at the price of Bitcoin before confirming the truth.
History of hacker tweets in cryptocurrencies
This is not the first time that a high-profile person account has been affected by the crypto market.
Famous past hackers:
- 2020: Barack Obama, Joe Biden, Elon Musk, etc. Hijacked In a massive coordination scam, demands donation of Bitcoin. The program charged more than $100,000 in revenue before closing.
- 2021: Indian Prime Minister Narendra Modi’s X account was hacked, error Require Bitcoin has become a fiat currency in India.
- 2024: this SEC’s official X account is compromisedmistakenly announced the approval of the long-awaited live Bitcoin ETF. The tweet triggered a rapid price increase in BTC before it was debunked, once again demonstrating the sensitivity of the sensitive crypto market to misinformation.
In most cases the goal? Pump and point drop scheme Or a scam that directly lures unsuspecting users to send bitcoin or tokens to fraudulent addresses.
In the Paraguay incident, the wallet address posted in the hacked tweet was reportedly held only $4, suggesting that this may be more about market influence than theft.
Why does the market respond to crypto news?
The crypto market is fast, global and emotional. many Traders rely on title momentumscan social media and news feeds hint Things to buy and sell.
in this case:
- News = Fuel.
- Uncertainty = volatility.
When the tweet hits, Algorithm Trading Robot It may be picked up before humans have time to do fact checks. These robots are trained to react to keywords such as “legal tender,” “bitcoin,” and “reserve,” which triggers automatic purchase orders to expand price action.
Paraguay has long been rumored that Be friendly to Bitcoin miningdue to its cheap hydroelectric power generation. Even if it is only a short time, it provides some superficial level of rationality for the announcement, and even if it is only a short time, it makes its mobile market credibility sufficient to transfer the market.
Why is this important?
- Trust in social media remains fragile: Even in 2025, Deepfake detection Platform security has been reportedly improved. Advanced social media hacking can still shake global markets. This emphasizes how centralized communication channels become attack vectors for decentralized finance.
- Legal tender = main catalyst: Bitcoin officially adopted legal tenders in El Salvador (2021) and later the Central African Republic (2022), as a historical reminder of the amount of such a move. Traders are still preparing for reactions to similar titles, right or not.
- The market is mature? Incomplete: although Institutional adoption has grown, Events like this emphasize that cryptocurrencies are still highly reactive and immature in some ways. Fake tweets shouldn’t move billions of dollars in market cap, but they still do.
Can the real legal tendering law come from Paraguay?
As of mid-June 2025, Paraguay has not officially moved with Bitcoin as a fiat tender.
However, the country remains relevant in the cryptocurrency community due to cheap hydropower from Itaipu Dam, which supports an increasing number of mining operations.
Although Paraguay’s energy characteristics make it naturally suitable for mining, the leap from mining hubs to legal tenders is a big one. El Salvador remains the only country in Latin America to take this step. The Central African Republic followed suit in 2022, but both actions were suspicious of international financial institutions such as the World Bank.
other Latin American countriesincluding Argentina, Brazil, Colombia and Mexico, explored the adoption of cryptocurrencies with a more cautious and regulatory approach. Argentina discusses Use Bitcoin for contracts In some provinces, the Brazilian Central Bank owns emission A pilot CBDC called DREX. However, no one has pushed legislation to treat Bitcoin as a formal currency.
The formal adoption of BTC requires more favorable conditions; it requires legislative support, consistency of central banks and geopolitical preparation. For now, Paraguay doesn’t seem to be on that road yet.
How to identify fake tweets and protect yourself
To identify and prevent fake encrypted tweets, always verify the source, be aware of scams and use trusted tools before taking action.
In a fast-moving crypto world, a fake tweet can send a price soaring or crashing. It is crucial to know how to spot error messages before it Influence your transaction or wallet. Here is how to stay safe:
- Check the handle carefully: Always check the username for subtle typos, extra characters, or missing verification badges. At first glance, a parody account usually looks almost the same as a real one.
- Verification language: If a non-English government tweet was written in English, it could be a red flag. Official announcements are usually published in the country’s main language.
- Cross-check with trusted sources: Before responding, confirm the news through official websites, press releases or reliable media such as Reuters or Bloomberg. If true, multiple trusted media will report it.
- Pay attention to urgency tips: Phrases like “action now” or “time only” are classic signs of scams. They are designed to drive you fast, emotional decisions.
- Avoid wallet links and QR codes: No legal government or public figure will include a wallet address in a tweet. If you see one, it’s almost certainly a scam.
- Using browser security tools: Install tools like Wallet Guard and Revoke.Cash or phishing filters Blockage Malicious links and detect suspicious activity. These tools can add additional protective layers.
- Stop before reaction: In encryption, speed is not always safe. Please take a moment to verify the information before making any transaction or transaction.
