How a fake tweet from Paraguay pushed Bitcoin to $110K

A tweet, a hack and Bitcoin terms surge: What happened?

At astir 00:53 GMT connected June 10, 2025, the verified X relationship of Paraguayan President Santiago Peña posted thing that acceptable the crypto satellite buzzing.

The now-deleted tweet stated that Paraguay had officially approved Bitcoin arsenic ineligible tender. It added that President Peña had signed into instrumentality a $5 cardinal Bitcoin (BTC) reserve and bond access for crypto-enabled citizens. It besides contained a wallet code prompting users to stake BTC.

The tweet was written successful English, an unusual prime for a Spanish-speaking president, but it didn’t halt speculation from racing ahead. Included successful the station was a wallet code and a telephone to action, which galore crypto users instantly flagged arsenic suspicious.

Within minutes, the authoritative Paraguayan authorities relationship (@PresidenciaPy) issued a correction: The president’s relationship had been compromised and the accusation was false. The station was swiftly deleted, but the damage, astatine slightest to marketplace sentiment, was already done.

Did you know? Paraguay’s crypto roar has a transgression undercurrent; amerciable mining farms person been busted stealing up to $60,000 successful energy per month, with thousands of machines seized successful constabulary raids nationwide successful 2024.

The terms reaction: BTC spikes supra $110K

In the highly speculative crypto world, adjacent a hint of affirmative quality tin nonstop prices flying. The thought of different state adopting Bitcoin arsenic ineligible tender, pursuing El Salvador’s 2021 move, is capable to disturbance large marketplace enthusiasm.

Despite being a hoax, the tweet caused BTC to spike implicit 4%, reaching a section precocious of $110,450, according to aggregated trading information from large exchanges. At the time, it was 1 of the highest intraday terms jumps of the quarter.

Several different apical tokens besides saw impermanent boosts:

• Ether (ETH): 7%
• Solana (SOL): 5%
• XRP (XRP): 6%
• Cardano (ADA): 6%

Importantly, this upward question wasn’t lone due to the fact that of the Paraguay news. There was a confluence of bullish signals, including ongoing trade talks betwixt the US and China, which provided a macroeconomic tailwind to hazard assets.

Additionally, different simultaneous developments similar the CLARITY Act, a bipartisan US measure clarifying regulatory authorization implicit integer assets, giving superior oversight of crypto markets to the CFTC, passed some the House Agriculture and Financial Services committees astir the clip of the fake tweet. Moreover, large exchanges similar Gemini and Coinbase are set to unafraid MiCA licenses, reinforcing organization assurance successful Europe’s regulatory framework.

Did you know? The Efficient Market Hypothesis (EMH) says plus prices instantly bespeak each disposable information. However, crypto markets often defy this, arsenic seen erstwhile a fake tweet from Paraguay moved Bitcoin prices earlier the information was confirmed.

A past of hacked tweets successful crypto

This isn’t the archetypal clip a high-profile figure’s relationship has been hacked to power crypto markets.

Notable past hacks:

• 2020: Accounts of Barack Obama, Joe Biden, Elon Musk and others were hijacked successful a monolithic coordinated scam asking for Bitcoin donations. The strategy collected implicit $100,000 earlier being unopen down.

• 2021: Indian Prime Minister Narendra Modi’s X relationship was hacked, falsely claiming Bitcoin had go ineligible tender successful India.
• 2024: The SEC’s authoritative X relationship was compromised, falsely announcing the support of a long-awaited spot Bitcoin ETF. The tweet triggered a accelerated BTC terms surge earlier being debunked, showcasing erstwhile again however delicate crypto markets are to misinformation.

The extremity successful astir cases? Pump-and-dump schemes oregon nonstop scams that lure unsuspecting users into sending Bitcoin oregon tokens to fraudulent addresses.

In the Paraguay incident, the wallet code posted successful the hacked tweet reportedly held lone $4, indicating this was apt much astir marketplace power than theft.

Why does the marketplace respond to crypto news?

Crypto markets are fast, planetary and emotional. Many traders trust connected header momentum, scanning societal media and quality feeds for hints of what to bargain oregon sell. 

In specified a setting:

• News = Fuel.
• Uncertainty = Volatility.

When the tweet hit, algorithmic trading bots apt picked it up earlier humans had clip to fact-check. These bots are trained to respond to keywords similar “legal tender,” “Bitcoin” and “reserve,” triggering automatic bargain orders that amplify terms action.

Paraguay has agelong been rumored to beryllium friendly toward Bitcoin mining, acknowledgment to its inexpensive hydroelectric power. That lent immoderate surface-level plausibility to the announcement, giving it conscionable capable credibility to determination markets, adjacent if lone for a abbreviated while.

Why does this matter?

• Trust successful societal media remains fragile: Even successful 2025, erstwhile deepfake detection and level information person supposedly improved, high-level societal media hacks tin inactive shingle planetary markets. This underscores however centralized connection channels tin go onslaught vectors successful decentralized finance.
• Legal tender = large catalyst: Bitcoin’s authoritative adoption arsenic ineligible tender successful El Salvador (2021) and aboriginal the Central African Republic (2022) served arsenic humanities reminders of however overmuch symbolic value specified moves carry. Traders are inactive primed to respond powerfully to akin headlines, existent oregon not.
• Market maturity? Not quite: While institutional adoption has grown, events similar these item that crypto remains highly reactive and successful immoderate ways immature. A fake tweet should not beryllium capable to determination billions successful marketplace cap, but it inactive can.

Could a existent ineligible tender instrumentality travel from Paraguay?

As of mid-June 2025, there’s nary authoritative determination by Paraguay to follow Bitcoin arsenic ineligible tender. 

However, the state remains applicable successful crypto circles owed to its inexpensive hydroelectric powerfulness from the Itaipu Dam, which supports a increasing fig of mining operations.

While Paraguay’s vigor illustration makes it a earthy acceptable for mining, the leap from mining hub to ineligible tender adoption is substantial. El Salvador remains the lone state successful Latin America to person taken that step. The Central African Republic followed suit successful 2022, but some moves were met with skepticism from planetary fiscal institutions similar the IMF and World Bank.

Other Latin American nations, including Argentina, Brazil, Colombia and Mexico, person explored crypto adoption successful much cautious, regulatory-focused ways. Argentina has discussed using Bitcoin for contracts in definite provinces, portion Brazil’s cardinal slope has launched a aviator CBDC called Drex. Yet nary person pushed authorities to admit Bitcoin arsenic an authoritative currency.

Adopting BTC officially requires much than favorable conditions; it demands legislative backing, cardinal slope alignment and geopolitical preparation. For now, Paraguay doesn’t look to beryllium connected that path.

How to place fake tweets and support yourself

To place and support against fake crypto tweets, ever verify the source, ticker for scams and usage trusted tools earlier taking action.

In the fast-moving satellite of crypto, 1 fake tweet tin nonstop prices soaring oregon crashing. It is captious to cognize however to spot misinformation earlier it affects your trades oregon wallet. Here’s however to enactment safe:

1. Check the grip carefully: Always analyse the username for subtle misspellings, other characters oregon missing verification badges. Impersonation accounts often look astir identical to existent ones astatine archetypal glance.
2. Verify the connection used: If a tweet from a non-English-speaking authorities is written successful English, it could beryllium a reddish flag. Official announcements are usually made successful the country’s superior language.
3. Cross-check with trusted sources: Before reacting, corroborate the quality done authoritative websites, property releases, oregon reliable media similar Reuters oregon Bloomberg. If it’s real, aggregate credible outlets volition study it.
4. Watch for urgency cues: Phrases similar “Act now” oregon “Limited clip only” are classical hallmarks of scams. They’re designed to propulsion you into quick, affectional decisions.
5. Avoid wallet links and QR codes: No morganatic authorities oregon nationalist fig would see a wallet code successful a tweet. If you spot one, it’s astir surely a scam.
6. Use browser information tools: Install tools similar Wallet Guard and Revoke.cash oregon phishing filters to block malicious links and observe suspicious activity. These tools tin adhd an other furniture of protection.
7. Pause earlier reacting: In crypto, velocity isn’t ever safe. Take a infinitesimal to verify accusation earlier making immoderate trades oregon transactions.