Paraguay President’s X Account Hijacked in Brazen Bitcoin Scam—Fake Adoption Claims Spread

Another day, another crypto scam—this time with a presidential twist. Hackers took over Paraguay’s leader’s social media to push bogus Bitcoin adoption claims. Classic pump-and-dump vibes.

No actual policy changes, just bad actors exploiting hype (and lax security). Meanwhile, institutional investors keep waiting for real adoption—not Twitter hacks.

Pro tip: If a head of state suddenly shills crypto via unverified posts, maybe double-check. Or just wait for the SEC to file charges.

The post surfaced amid growing speculation that several Central and South American nations might follow El Salvador’s lead in adopting Bitcoin as a reserve asset. El Salvador, under President Nayib Bukele, became the first country to recognize Bitcoin as legal tender in 2021.

In May, Panama City Mayor Mayer Mizrachi appeared to signal interest in establishing a municipal Bitcoin reserve after meeting with two senior figures behind El Salvador’s national crypto strategy. Following discussions with Bitcoin proponents Max Keiser and Stacy Herbert, Mizrachi posted a brief message on X reading simply, “Bitcoin Reserve,” hinting at potential local-level adoption.

The incident emphasizes growing concerns over the security of official social media accounts, which have increasingly become targets for phishing campaigns, coordinated disinformation efforts, and Bitcoin scam attempts. As digital platforms remain central to government communication, cybersecurity experts warn that stronger safeguards and public verification tools are essential to prevent future breaches and maintain public trust.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.