Hacked Tweet from Paraguay’s President Causes Bitcoin Price Surge…

A hacked tweet from Paraguay’s president falsely declared Bitcoin legal tender.
Bitcoin’s price surged over 4% to $110,450 due to the tweet.
The incident illustrates markets’ vulnerability to misinformation.
The Paraguayan government quickly confirmed the tweet was false.
Previous hacks raise concerns over market integrity.

Hacked Tweet Sends Bitcoin Price to Record Highs

Paraguay’s President Tweet Falsely Claims Bitcoin Legal Status A recent event in the cryptocurrency world caused quite a stir after a hacked tweet from the verified Twitter account of Paraguay’s President Santiago Peña claimed that Bitcoin had been approved as legal tender in the country. This tweet sent Bitcoin prices soaring above the $110,000 mark, which is extraordinary. The announcement, made at 00:53 GMT on June 10, 2025, also mentioned a reserve of $5 million in Bitcoin, which raised eyebrows and made binary traders jump into action. Dmitry, a cryptocurrency analyst, mentioned that such misinformation can lead to substantial volatility in the markets.

Continuous Threat from Misinformation

Quick Response by Government Amid Price Surge However, the Paraguayan government quickly debunked the rumors, confirming that the president’s account had indeed been compromised. They released an official statement saying, “The information was false,” which came soon after the suspicious tweet was flagged and deleted. Bitcoin’s price, despite being based on a hoax, reacted sharply, marking an increase of more than 4%, reaching $110,450, which is categorized as one of the highest intraday jumps witnessed in the quarter. Factors like ongoing US-China trade discussions and the recent CLARITY Act, which clarifies regulations around digital assets, also contributed to the rise. Cryptocurrency enthusiasts felt anxious yet intrigued about how these events could affect future market dynamics.

Staying Secure in a Misinformation-Prone Environment

Understanding the Patterns in Market Manipulation This incident isn’t the first of its kind; it’s reminiscent of high-profile breaches previously witnessed, like the infamous 2020 Twitter hack where numerous accounts, including those of Barack Obama and Elon Musk, were compromised. The 2024 SEC account breach that falsely announced spot Bitcoin ETF approval is another case that raised skepticism about market integrity. Following these breaches, scenarios have often unfolded into pump-and-dump schemes, yet in the particular case of Paraguay, the linked wallet had a meager $4, throwing a wrench in any potential scam. Experts urge users to be wary and strongly recommend verifying sources, scrutinizing information, and steering clear of any wallet addresses shown in social media posts, as taking preventive measures is paramount. Security tools paired with diligence can indeed mitigate the risks from fast-spreading misinformation that continue to plague Bitcoin markets.

In the wake of this incident, it becomes glaringly evident that misinformation can wreak havoc in cryptocurrency trading. The swift debunking, although effective, occurred after Bitcoin’s impressive spike due to a hacked social media account. As the cryptocurrency landscape remains volatile, users are reminded to ensure they verify sources and approach any information, especially regarding significant announcements, with skepticism to protect their investments.