- A hacked tweet from Paraguay’s president falsely announced Bitcoin as legal tender.
- The hoax caused Bitcoin’s price to surge above $110,450 within minutes.
- Governments highlighted the importance of verifying information in such incidents.
Misinformation Strikes Bitcoin Market—Santiago Peña’s Account Hacked
A Significant Surge Driven by Misinformation: A recent incident involving a hacked tweet from Paraguay’s President Santiago Peña has sent Bitcoin’s price up sharply. The tweet falsely claimed that the country had made Bitcoin legal tender, with an announcement of a $5 million reserve. Traders responding to this misleading information saw Bitcoin’s value skyrocket to over $110,450, marking a staggering increase of more than 4%, according to reports that emerged on June 10, 2025.
Paraguay’s Government Quickly Debunks Tweet Hoax
Government Responds Quickly to Hoax: The Paraguayan government was fast to address the fraudulent tweet, confirming the president’s account had been compromised. Within moments, the misleading tweet was flagged as suspicious and swiftly deleted. In a statement released to clarify the situation, government officials reiterated the importance of verifying information to protect against misinformation that can precipitate rapid, volatile market reactions.
Rising Threats in Cryptocurrency Markets Due to Hacks
Historical Context of Market Manipulation: This cryptocurrency incident is not isolated, as it mirrors other significant breaches that illustrate vulnerabilities within high-profile accounts. Scams like the 2020 Twitter hack that affected major personalities including Barack Obama and Elon Musk illustrate the ease with which misinformation can take hold. As such, experts urge everyone to double-check sources and avoid engaging with any wallet addresses shared on social media to guard against potential scams that often follow similar patterns.
In summary, the recent hacked tweet from Paraguay’s President led to a sharp Bitcoin price increase, revealing the critical need for vigilance in information verification. The swift governmental response highlighted the risks involved with such breaches. Historical instances of market manipulation underscore the pressing necessity for both traders and casual users to approach new information with an analytical mindset.
