In another high-profile X account compromise, the head of a South American country became a victim of scammers trying to capitalize on the latest bitcoin (BTC) reserve trend. However, the criminals seem to have left with nothing.
In a now-deleted post by the X account of Santiago Peña, the president of Paraguay, scammers claimed that the country made BTC legal tender, while the president also "confirmed" a $5 million bitcoin reserve and "bond access for crypto-enabled citizens."
The post also said that "your investment today will determine the scale of this rollout," urging users to "secure your stake in bitcoin now" and providing a now-undiscoverable link and a BTC address. Per bitcoin blockchain data, the address was last active on May 19th, 2025, and after receiving 0.0265 BTC ($2,900), its total balance is now worth $4.
Some news outlets even fell for the fake news, publishing stories that Paraguay had made BTC legal tender.
Meanwhile, hours ago, Peña thanked the Incident Response Team for Cybersecurity of Paraguay at the Ministry of Information and Communication Technologies, and the X team for their help in regaining control of his account.
"Cybersecurity is key, and these events show us that we must all contribute to building a safe, reliable, and resilient digital ecosystem," the president added.
In either case, the fake message was made more believable by the latest trend of countries, inspired by the US example, discussing their own BTC reserves. Multiple companies have since launched their own BTC reserve strategies.
Moreover, Paraguay also hosts large bitcoin mining operations due to its abundance of cheap power. Meanwhile, in Central America, El Salvador made bitcoin legal tender in 2021 but was forced to scale back its bitcoin regulations and plans due to pressure from the International Monetary Fund.
In either case, Santiago Peña is not the only Latin American leader who found himself in hot water due to crypto-related controversies. Earlier in June, the Argentinian Anti-Corruption Office said that the country's president, Javier Milei, did not violate laws when he endorsed the Libra (LIBRA) token in February 2025, helping some make hundreds of millions while others lost more than $200 million.
As reported by Cybernews.com, Milei even faced fraud charges and possible impeachment after this crypto failure.
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