Paraguay's president recently announced a Bitcoin reserve via a post on X, which was quickly flagged by the government as likely a hack. The post claimed the country had established a $5 million Bitcoin reserve and urged users to send Bitcoin to a specified address. The government announced about an hour later that the president's X account showed signs of unauthorized use, dismissing the assertions as false. This incident highlights a recurring issue where hackers exploit high-profile social media accounts to spread fraudulent investment opportunities, enticing individuals to send cryptocurrencies to their addresses. The Paraguayan government has developed a Bitcoin-friendly atmosphere, with plans for technological advancement, yet they confirmed that the country has not made Bitcoin legal tender like El Salvador has. This situation demonstrates the ongoing risks associated with cryptocurrency and social media, especially in the context of scams and hacking incidents that have targeted various prominent personalities in the past.

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